Volkswagen will begin buying back its 2.0L diesel models following approval Tuesday of a $14.7 billion settlement by a federal judge. The embattled automaker expects to complete the process by the middle of November, a spokeswoman told F&I and Showroom.
According to Edmunds estimates, nearly 75% of Tacoma trade-ins this year have gone toward the purchase of another Tacoma. The popularity of Tacoma pickups, the study added, pushed Toyota’s overall truck loyalty rate to about 70%.
AiM and Manheim have completed the North American rollout of AiM software to 79 Manheim locations in the U.S., Canada and Puerto Rico, according to a company announcement.
Whether a seasonal trend or a sign of things to come, Black Book recorded the largest year-to-date weekly decline in car values last week. Trucks also recorded a sizable drop in values.
Automotive Compliance Consultants warned dealers not to let their guard down after last week’s federal appeals court ruling that the CFPB’s structure is unconstitutional. The firm said other regulators have taken note of the bureau’s activities, adding that next month’s elections will determine if the ruling has teeth.
Particularly hard hit in September were mid-size cars, while the luxury car segment experienced a nice bounce in its average wholesale price, according to ADESA Chief Economist Tom Kontos. Mini-vans also experienced solid price growth during the month.
TradeRev, which provides a live vehicle-appraisal and auctioning app, announced the appointment of new regional directors. Taking over the South Central region is Tory Swedlund, while Will Farmer was named director of the Southeast region.
Wholesale values continued to fall last week, although cars fared better than trucks, according to Black Book. The firm reported that the wholesale value for the overall car segment decreased by 0.57% from the week prior, while the truck segment declined 0.58%.
The perception that millennials are content with a carless, ride-hailing life may not be true after all, at least according to new data from Dealertrack.
DRIVIN announced the launch of DRIVIN Marketplace, where dealers can list and remarket unwanted inventory to their established network of dealers. The service will then match and recommend the listed inventory to more than 1,000 open vehicle searches from dealers across the country, according to the company.
The father-and-daughter team of Mike and Sue Finneron built Canada’s No. 1 Hyundai dealership on the site of their disenfranchised Pontiac store.
Nearly across the board, the retention rates of model-year 2013 vehicles were down this year compared to the same time last year, according to the most recent NADA Used Car Guide Perspective report.
The public dealer group staged a grand opening for its new Nalley Nissan of Atlanta location on Sept. 29. It's the first U.S. dealership to feature the OEM's new Nissan Retail Environment Design Initiative, or NREDI 2.0.
Last year, the three-month promotion resulted in 58,000 vehicle sold, a 34% increase from the year prior. According to Costco officials, more than half of the people who purchased vehicles during the 2015 event said they switched to a General Motors brand because of the promotion.
Last week, cars showed better retention that they did the previous four weeks, while trucks depreciated more than they have during that same timeframe, Black Book reported today.
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