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This wave of off-lease vehicles is expected to be one of the biggest threats that the new-vehicle industry will face this year and the next. And, it won’t just be the sheer volume of relatively new, low-mileage vehicles that will pose a risk to the new-industry; it’ll be the types of off-lease vehicles returning to market that will present the biggest hurdle.
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The used vehicle market should grow about 1% in 2018 bolstered by a federal tax cut and influx of utility vehicles, while new vehicle sales are expected to remain flat, according to Cox Automotive's senior economist.
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Franchise dealers now view the used car market more optimistically than the new vehicle market, according to a new sentiment index from Cox Automotive. The finding speaks to the current shift of car buyers with prime and subprime credit toward the used market.
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As many as 400,000 vehicles in Florida will need to be replaced as a result of Hurricane Irma, including as many as 11,000 fleet vehicles, according to Cox Automotive.
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While market watchers agree that Hurricane Harvey's impact stretches beyond Houston-area automotive business, estimates on exactly how many vehicles will need to be replaced vary between half a million and million vehicles, including as many as 18,500 fleet vehicles.
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The Manheim Used Vehicle Value Index hit a record high for the second consecutive month, as wholesale used-vehicle prices rose 1.1% month over month in June. The increase brought the Index to 129.3, a 2.5% increase from a year ago.
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Cox Automotive has named Jonathan Smoke as its new chief economist, according to a company announcement. In his new role, the company added, Smoke will be responsible for leading the creating of an economic industry insights office.
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Tom Webb will retire as Cox Automotive's chief economist after a more-than-four-decade career, where he became a leading voice about the economic health of the automotive industry.
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Ready Logistics moved more than 194,000 vehicles in January, which was a 55% increase over January of 2016 for the Cox Automotive-owned company.
Read More →Cox Automotive has acquired a majority shareholding in Molicar, Brazil's vehicle valuations business.
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