The peak in daily new COVID-19 cases was three weeks ago, and case growth appears to be on a declining trend for the U.S. overall, but some markets are still seeing growth. Testing is ramping up but remains inadequate. Joblessness grows: The damage to the economy can be seen in a record decline in retail … Continued
Auto Remarketing, May 15, 2020 – Zach Hallowell, vice president of Manheim Digital, discussed how sellers need as many options as possible to liquidate inventory, as the wholesale market “continues its steady climb.” Hallowell said, “No matter what their disposition strategy is, consignors have convenient access to tools across the Manheim Marketplace that can help them generate much … Continued
Traditionally registration and titling have been complex parts of the vehicle purchase process. This complexity has been amplified with the COVID-19 pandemic in which dealerships have had to rethink how they sell cars while adhering to social distancing and more than 40 states have ordered significant changes to department of motor vehicles (DMV) standard operating … Continued
Sales of certified pre-owned (CPO) vehicles decreased 46% year over year in April. CPO sales were on a record-setting pace for the year before COVID-19 and ended down 20% month over month compared to March. For April, only 127,068 CPO units were sold.The 46% drop in CPO volume was larger than both the estimated 34% drop … Continued
Our Chief Economist, Jonathan Smoke, joins us once again from his home studio in Atlanta, GA, with the latest on the impacts of COVID-19 on the automotive industry. This week, Jonathan examines: The latest on COVID-19’s nationwide impact Jobless claims and impacts by state Consumer sentiment in the U.S. and in the 140 largest markets New- … Continued
American Honda reports earnings for its full fiscal year and the quarter that ended March 31 on Tuesday, May 12, at the same time that the automaker begins re-openings its U.S. plants. Here are some data points from Cox Automotive on Honda’s first quarter in the U.S., one of its major markets. Q1 sales and … Continued
Welcome to Dealer Forward: Reimagining Automotive Retail, a weekly panel discussion that focuses on building resilience in three key auto retail areas – marketing, dealership performance and fixed operations. The latest panel discussion Re-engaging the Workforce focuses on tactics for re-engaging your workforce and continuing to drive business forward in the new normal. This week’s episode … Continued
The peak in daily new COVID-19 cases was two weeks ago. The growth in new cases is declining but is still an inconsistent trend. Progress is slow as individual markets each have their own unique pandemic curves. Testing is ramping up but remains inadequate. Historic joblessness: The damage to the economy can be seen in the historic … Continued
Any hope for a sales rebound for traditional cars was dashed as shopping consideration for SUVs and pickups climbed to new highs, according to the Kelley Blue Book Brand Watch Report for Q1 2020. The Brand Watch Report is a consumer perception survey that also weaves in consumer shopping behavior to determine how a brand … Continued
Wholesale used vehicle prices (on a mix-, mileage-, and seasonally adjusted basis) decreased 11.41% month over month in April. This brought the Manheim Used Vehicle Value Index (MUVVI) to 125.8, a 9.2% decrease from a year ago, and the lowest level in three years. Access the full report. For 25 years, the MUVVI has been the … Continued
