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Topics mentioned in today's video includes the reopening of all OEM assembly plants; fleet sales in May 2020; a decline in fleet operating costs; the declining supply of used vehicles in the wholesale market; and industry conferences moving to a virtual format
The industry quickly turned to online services when the pandemic hit, utilizing digital-only sales, which ultimately kept the industry from halting completely.
Cox Automotive’s chief economist, Jonathan Smoke, said he didn’t expect the Fed’s latest move to match the impact of the July cut for auto manufacturers or dealers.
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.
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.
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.
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.
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.
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.
Retail used car sales are up 4.3% year-to-date, according to Manheim Chief Economist Jonathan Smoke’s Industry Insights.