THE CAR AND TRUCK FLEET AND LEASING MANAGEMENT MAGAZINE
Wholesale used vehicle prices decreased 1.04% in September compared to prices the month before, according to Cox Automotive’s latest Manheim Used Vehicle Value Index report.
Cox Automotive forecasts 1.25 million new-vehicle sales in September 2019, which would represent a 14% drop from the previous year.
Battery-electric truck and SUV startup Rivian has added a third, large investor this year with a $350 million stake from Cox Automotive, the company announced today.
Nick Peluso, a 30-year veteran of the remarketing industry and leader at Manheim since digital auction sales were a burgeoning idea, will retire at the end of the year.
Manheim's president who oversees the inventory solutions unit offers thoughts on fleet mobility services, bringing artificial intelligence to inspections, and the company's diversification strategy.
Through the 12-month period ending in June 2019, overall manufacturer incentive spend has declined, and the strength of fleet sales this year has been a big reason why.
Overall used vehicle values are at strong levels. Crossover values are holding steady but there is cause for concern in the near future. Sedan values are expected to improve or stabilize as more crossovers enter the market.
The used industry's seasonally adjusted annual rate (SAAR) was 39.8 million during June, down from the 41.1 million SAAR from the same time last year, according to Cox Automotive estimates.
Manheim made its first digital sale a little over 20 years ago. Over the past 20 years, the company's digital sales have grown from fewer than 100 annual digital sales to over 600,000.
Fleet management company remarketers discussed trends affecting their day-to-day jobs and the industry as a whole.