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%.
Industry analysts suggest it could cost dealers hundreds of thousands annually to comply with the new rules.
The average price of a new car hit $45,000 in September and reached $25,000 for the average used car, according to Kelley Blue Book.
NADA economist forecasts supply chain challenges, including the chip shortage, will persist well into 2022.
High demand amid limited new vehicle inventory has driven up used vehicle prices. But it’s also impacting the rate their values are depreciating.
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.
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.
While most CRM's have less than 10% utilization due to the complexity for the end-user, CarDog see over 60% utilization due to the fact it was built with the independent vehicle dealer in mind.
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.
Letter penned by Canadian Trade Minister Mary Ng suggest proposed EV tax credits will harm North American auto industry and violate trade agreements.
IHS Markit forecasts lows in light-vehicle sales and production will give way to increases ahead.
Mexico’s auto sector has criticized the move, saying it allows "car smuggling."
While sales of new vehicles declined 13.4% year over year in Q3 due primarily to low inventory and high prices, sales of electrified vehicles jumped by nearly 60%, according to an analysis by Kelley Blue Book.
New trend helps brands like Honda and Nissan see the value of modernizing their lease policies, reports Swapalease.
Traditionally, values would be declining this time of year, but the lack of inventory continues to be the most common sentiment for the increased auction activity pushing values up.
Kelley Blue Book editors rank and comment on the 10 Best Back-to-School Cars for 2019, all starting at around $20,000 or less and still available on new-car lots.
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