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Several North Carolina used vehicle auctions closed as a result of Hurricane Florence sweeping into the state, while others shifted to online sales or delayed on-site sales.
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The National Highway Traffic Safety Administration (NHTSA) postponed its New Car Assessment Program (NCAP) public meeting to Oct. 1 due to anticipated severe weather from Hurricane Florence.
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Fleet mainstays such as pickups and vans are expected to perform well at wholesale this year. Higher-end vehicles, such as those found in executive fleets are expected to struggle.
Read More →Ford Motor Company Fund is investing more than $1.2 million for expanded disaster relief efforts in Puerto Rico and collaborating with nonprofits to bring much-needed vehicles, supplies and services to hurricane-devastated communities on the island, according to the company.
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The hurricanes that swept through Texas and Florida destroyed and damaged as many as 900,000 vehicles, and the replacement activity that the catastrophic events spurred boosted retention by almost 2%, according Black Book.
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The southern states experienced the biggest decrease in prices this month as the Gulf Coast increased oil production.
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Manheim Puerto Rico hosted its first post-hurricane sale on Oct. 12 — 200 vehicles were offered for sale, the auction announced. Of those, 70 sold and an additional 30 vehicles are pending sale.
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The demand for replacement vehicles has already started, and experts say it will continue well into October, and possibly November, as insurance payouts are received.
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The national average price of regular unleaded fell to $2.62 per gallon, and reached a 14-day low that AAA attributed to a return to normal operations in Florida and Texas, following the impact of two major hurricanes.
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While the effect that Hurricane Irma had on Insurance Auto Auction's and Copart's operations in Florida was relatively mild, Houston was a different story.
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