TradeRev chooses one of its co-founders who brings deep experience in the retail and wholesale sides of the automotive marketplace.
Combined sales into large rental, commercial, and government buyers were down 36% year over year in January. Sales into rental declined 61% YOY, sales into commercial increased 4% YOY, and sales into government declined 23%.
As was the case in each of the last prior months, much of the reported increase was a result of the seasonal adjustment.
One of the biggest changes to come out of the second year of the COVID-19 pandemic is dealers directly wholesaling from their lots.
Topics mentioned in this video include: A look at the July Consumer Spending Report; Hurricane Laura’s near miss in potentially damaging Gulf Coast refineries; ongoing stability in fuel prices; measuring fleet vitality real-time with total miles driven; and an update on the wholesale market.
Automotive Fleet has released its third report in the new State of the Fleet Industry weekly video series summarizing the latest news in the fleet market, which is presented by AF Editor Mike Antich.
Overall car segment values declined 0.13% last week, compared to 0% the week before. Overall truck segment values decreased 0.28% last week, compared to 0.17% the week before.
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.
Overall average wholesale prices softened in November from a year ago mostly due to 2017 prices that were elevated due to increased demand from hurricanes Harvey and Irma, even though values of former fleet vehicles increased, according to Tom Kontos, KAR Auction Services' chief economist.
The average 12-month depreciation through the end of November for all vehicles was 12.5%.
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