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War Toll a Damper on Used Auto Prices
Cox Automotive found wholesale depreciation to be elevated in September amid high fuel prices and this year's unusual hurricane season.
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SEARCHMENUSEARCHCox Automotive found wholesale depreciation to be elevated in September amid high fuel prices and this year's unusual hurricane season.
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A key priority in the bill is spending $7.5 billion to build a national network of 500,000 electric vehicle (EV) charging stations.
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New light-vehicle sales in October 2021 saw their first month-to-month gain since April.
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Combined sales at the seven major automakers that release monthly results dropped 17% in October. Automakers cite the semiconductor chip shortage and supply chain bottlenecks as the reason.
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The fourth quarter is traditionally when the market experiences most of the yearly depreciation, but after just one month in the quarter, values are reporting appreciation of more than 3.0%.
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Industry analysts suggest it could cost dealers hundreds of thousands annually to comply with the new rules.
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High demand amid limited new vehicle inventory has driven up used vehicle prices. But it’s also impacting the rate their values are depreciating.
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Presented by F&I and Showroom magazine and sponsored by Spectrum Automotive Holdings, the annual awards program recognizes dealerships with highly profitable F&I departments.
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Jimmy Atkinson, CEO of AUL Corp., predicts quick changes are required to position dealers and manufacturers for the future as the automotive industry reinvents itself post-pandemic.
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Agency updates Safeguards Rule to better protect the American public from breaches and cyberattacks that lead to identity theft and other financial losses.
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The lack of new inventory is continuing to drive up the demand for used vehicles, which in turn is forcing buyers to pay more week after week and leaving sellers wishing they had more to offer.
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