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Gross sales of licensed used autos within the U.S. fell in 2022 to their lowest degree in eight years as sellers grappled with a stunted provide of certifiable used autos returning to market and a few prospects switched again to buying new autos as manufacturing improved. Final yr, gross sales of licensed pre-owned autos dropped

Wholesale used-vehicle costs ticked up in December to cap off a yr through which there have been a number of consecutive month-to-month declines, based on one main indicator. Cox Automotive mentioned Monday its Manheim Used Automobile Worth Index — a measurement of wholesale used-vehicle costs calculated by monitoring automobiles bought at Manheim’s U.S. auctions and

Wholesale used-vehicle costs tumbled as soon as once more in September, marking one other month of cumulative value declines which have outlined the wholesale market in 2022. Cox Automotive mentioned Friday that wholesale costs declined 3 % in September in contrast with August. The Manheim Used Car Worth Index — an indicator of used-vehicle market

Wholesale used-vehicle costs fell “considerably” in August to cap off a summer time that had been marked by extra gradual month-to-month worth declines. Cox Automotive mentioned Thursday that wholesale costs declined 4 % in August in contrast with July. The Manheim Used Automobile Worth Index — an indicator of used-vehicle market pricing developments — declined

Carvana is once more prohibited from promoting used vehicles in Illinois after the Secretary of State Police reinstated a short lived suspension. The state says the web vendor has been issuing automobile consumers short-term registration permits from exterior Illinois, not utilizing a licensed third-party to switch titles and never processing the registration paperwork via the

Used-vehicle retail large CarMax Inc. stated it once more offered fewer used autos in its fiscal first quarter on account of inflation, car affordability points and waning client confidence. The corporate retailed a complete of 240,950 used autos within the quarter ending Might 31, down 11 % from the identical time final 12 months. Comparable

The typical age of U.S. gentle autos in operation has risen for a fifth straight yr, S&P World Mobility stated in a report launched Monday. The typical age rose to 12.2 years in 2022 — an almost 2 p.c improve from the common life in 2021 of simply over 12 years, in response to the

Shift Applied sciences stated it minimize positions final month equating to about 10 p.c of its company crew and is pausing its growth into the Las Vegas market as the net used-vehicle retailer focuses on trimming prices and working extra effectively. San Francisco-based Shift stated Tuesday in a shareholder letter disclosing its first-quarter monetary outcomes

Two payments geared toward giving Florida auto sellers extra leeway in turning over automobile titles to automotive patrons fizzled out final month within the Florida Legislature. Florida’s present titling statute says sellers “should” receive automobile titles in purchasers’ names and switch them inside 30 days of sale. At the beginning of the 12 months, a

LOS ANGELES — American Honda Motor Co. is increasing its licensed pre-owned program to incorporate 10-year-old Honda and Acura automobiles. The prolonged applications, known as HondaTrue Used and Acura Precision Used, are designed to attract youthful, budget-minded customers to dealership heaps. “We needed to make it simple for brand new consumers to expertise our model,”

The document surge in U.S. auto costs — which helped drive inflation to a four-decade excessive — could lastly be over, say two corporations that promote automobiles on-line. Used-car costs, which have risen at an annual price above 50 % at instances in the course of the pandemic, went into reverse final month, in accordance

The variety of used autos offered within the U.S. in 2021 hit an all-time document, in line with Cox Automotive, bolstered by a strong spring promoting season that analysts say will not be simply repeated. Cox Automotive estimated that general used-vehicle gross sales for 2021 have been 40.9 million, a rise of about 10 p.c

Car public sale and remarketing firm XLerate Group stated Wednesday it has signed an settlement to amass America’s Auto Public sale, one other main public sale firm. As soon as mixed, Carmel, Ind.-based XLerate and Dallas-based America’s Auto Public sale can have 39 public sale websites unfold throughout 19 states. The deal is predicted to

J.D. Energy’s Used Automobile Value Index hit a file excessive final month. Via October, used-vehicle costs have been on common 37 % increased than in 2020, with no indicators of softening, J.D. Energy stated Tuesday in a market replace. And for the primary time in additional than 25 years, used-vehicle costs rose in October over

The Nationwide Auto Public sale Affiliation’s annual conference has been postponed, with no make-up date given by the group. The present had been set for Sept. 28-30 in Chicago. The affiliation despatched a press release Friday that mentioned the choice to postpone the occasion comes after suggestions from its members and companions. “Sadly, we’re nonetheless

The Nationwide Auto Public sale Affiliation’s annual conference has been postponed, with no make-up date given by the group. The present had been set for Sept. 28-30 in Chicago. The affiliation despatched a press release Friday that mentioned the choice to postpone the occasion comes after suggestions from its members and companions. “Sadly, we’re nonetheless

Penske Automotive Group and dealership expertise firm Cox Automotive have teamed up on a brand new online-buying platform for used automobiles that has rolled out initially to Penske’s seven CarShop used-vehicle-only shops within the U.S. The expertise, Esntial Commerce, was co-developed by Penske, the second-largest auto retailer primarily based within the U.S. final yr, and

Penske Automotive Group and dealership know-how firm Cox Automotive have teamed up on a brand new online-buying platform for used autos that has rolled out initially to Penske’s seven CarShop used-vehicle-only shops within the U.S. The know-how, Esntial Commerce, was co-developed by Penske, the second-largest auto retailer primarily based within the U.S. final 12 months,

The record-breaking rise in used-car costs might be coming to an finish — and with it a key driver of the current spike in U.S. inflation. The bellwether of the business — the wholesale market the place sellers purchase and promote in bulk — has already topped out and costs of particular person secondhand vehicles

The record-breaking rise in used-car costs might be coming to an finish — and with it a key driver of the latest spike in U.S. inflation. The bellwether of the trade — the wholesale market the place sellers purchase and promote in bulk — has already topped out and costs of particular person secondhand automobiles

CarLotz started buying and selling shares Friday on the Nasdaq trade underneath the “LOTZ” ticker image, turning into the newest on-line used-vehicle firm to go public. CarLotz, which focuses on used-vehicle consignment, introduced final yr it could turn out to be a publicly traded firm by finishing a reverse merger with Acamar Companions Acquisition Corp.,

CarLotz started buying and selling shares Friday on the Nasdaq alternate below the “LOTZ” ticker image, turning into the most recent on-line used-vehicle firm to go public. CarLotz, which focuses on used-vehicle consignment, introduced final 12 months it could develop into a publicly traded firm by finishing a reverse merger with Acamar Companions Acquisition Corp.,

NEW YORK — CarLotz Inc. stated on Thursday it has agreed to go public by way of a merger with special-purpose acquisition firm Acamar Companions Acquisition Corp which values the U.S. consignment retailer for used automobiles at $827 million, together with debt. CarLotz could be the third main U.S. on-line automotive vendor to go public

NEW YORK — CarLotz Inc. stated on Thursday it has agreed to go public by means of a merger with special-purpose acquisition firm Acamar Companions Acquisition Corp which values the U.S. consignment retailer for used automobiles at $827 million, together with debt. CarLotz can be the third main U.S. on-line automobile vendor to go public

After slicing nearly 10 % of its workforce, rolling again salaries and freezing hiring, Automobiles.com is including one other cost-cutting measure to climate the COVID-19 storm: shedding actual property. The corporate this week listed one-third of its Chicago headquarters on the sublease market, in accordance with a flyer from brokerage CBRE. The 52,752-square-foot providing on

After chopping nearly 10 % of its workforce, rolling again salaries and freezing hiring, Vehicles.com is including one other cost-cutting measure to climate the COVID-19 storm: shedding actual property. The corporate this week listed one-third of its Chicago headquarters on the sublease market, in accordance with a flyer from brokerage CBRE. The 52,752-square-foot providing on

McLaren North America, within the newest tweak to its retail operations, has rebranded its rising licensed pre-owned program. In an effort to supply extra readability to North American shoppers, the British unique model mentioned this system will now be referred to as McLaren Licensed Pre-Owned and that McLaren Certified can be retired. The corporate launched

McLaren North America, within the newest tweak to its retail operations, has rebranded its rising licensed pre-owned program. In an effort to supply extra readability to North American shoppers, the British unique model mentioned this system will now be known as McLaren Licensed Pre-Owned and that McLaren Certified will likely be retired. The corporate launched