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If you are like most fleet managers, you establish a depreciation schedule when you put your vehicles in service and probably never think about it again until it’s time to pull it out of service and send it to auction. Maybe it’s time you took a more active view toward managing depreciation.
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Online sales of used vehicles in the wholesale market likely exceeded 2 million in 2018, as remarketing technology made it easier for dealers to evaluate, bid, and buy vehicles beyond physical auction locations.
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Used-vehicle sales will rise and new-vehicle sales will fall in 2018, while total sales will reach 56.2 million, which would represent a second year of declines for the automotive industry, according to a Cox Automotive forecast.
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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 industry reached a record-breaking 39.2 million in sales in 2017, representing a 1.6% year-over-year increase, according to the latest Used Car Report from Edmunds.
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While summer hasn’t quite reached its end, the approaching fall season is already having some effect on the types of cars selling at Midwest auctions.
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Retail used car sales are up 4.3% year-to-date, according to Manheim Chief Economist Jonathan Smoke’s Industry Insights.
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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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Used vehicle prices experienced a reversal in May, falling 1.2% from the previous month, according to Black Book.
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GM Financial reported $202 million in net income in the first quarter of 2017, a 23% increase over the same time last year, despite pressure on used-car values, the company has announced.
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