THE CAR AND TRUCK FLEET AND LEASING MANAGEMENT MAGAZINE
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.
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.
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.
For fleets, technology is enabling a more efficient way to use vehicles, increase utilization, and more precisely match the type of vehicle to usage.
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.
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.
Cox Automotive has acquired a majority shareholding in Molicar, Brazil's vehicle valuations business.
Cox Automotive Canada with its Manheim Canada operations has partnered with XLane to provide a digital solution for dealers with InstantAuction.
With India’s growing new-vehicle market making way for accelerated growth in its used-vehicle market, Cox Automotive has made a strategic investment in Mahindra First Choice Wheels Ltd.
NextGear Capital, a Cox Automotive company, has announced the appointment of Roy Vandermeer to the role of vice president of Canadian Operations. Vandermeer will be responsible for the growth and management of NextGear Capital's Canadian division.