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Ford extends warranties of certified used vehicles |
Used-vehicle prices, sales decline a bit in March
Used vehicles' wholesale prices and sales by franchised dealerships slumped in March from the year-ago month, industry analysts said. The average used vehicle sold at auction for $10,002, according to ADESA Analytical Services. That average price was 2.4 percent lower than in March 2007 but 2.6 percent higher than in February 2008. [SUB] 12:01 am U.S. ET | April 28
Goal of AOL Autos redo: Pay for listingsA redesign of the AOL Autos Web site is aimed in part at getting more dealers to pay to list vehicles for sale. Doug Eddy, AOL Autos' director of business development, says the revamped site lists 2.5 million used cars and trucks. Eddy estimates that 80 to 90 percent of those listings come from dealers, most of them franchised. The site also lists new vehicles. [SUB] 12:01 am U.S. ET | April 7 |
CarMax reports profits plunged in 4th quarter
The slumping economy nearly halved net profit at used-vehicle retailer CaxMax Inc. in its last quarter. CarMax reported net earnings of $21.8 million in the three months that ended Feb. 29 -- a 48.2 percent drop from the year-ago quarter. [REG] 12:33 pm U.S. ET | April 2
Car broker leaves dealers in lurchFor the managers of used-car lots, it looked like an offer that you couldn't refuse. A Dallas-based broker called lanelogic had formed a network of franchised dealer clients that bought and sold each other's used cars. And if a dealer purchased a used car through lanelogic and failed to sell it within 45 days, lanelogic would buy it back. For a fee, lanelogic was promising to eliminate the risk a dealership faced in the used-car business. It sounded too good to be true -- and it was. [SUB] 12:01 am U.S. ET | March 31 |
Big pickups and SUVs lead plunge in used-vehicle prices
Wholesale prices of big used SUVs and pickups plunged by double-digit percentages last month compared with February 2007, amid weak demand and rising gasoline prices. In February, large SUVs sold at auction for an average price of $11,790, 14.7 percent lower than in the year-ago month, reported ADESA Inc. [SUB] 12:01 am U.S. ET | March 24
eBay's new Web site has new look, more featuresThe online auction eBay has redesigned its automotive Web site in an effort to drive more sales to franchised dealerships. "Dealers do business with us because we bring them qualified buyers," said Rob Chesney, president of eBay Motors. "That's never been more critical than it is now. The economy is tough." [SUB] 12:01 am U.S. ET | March 24 |
Certified sales up 7.5% in Feb.; Audi leads the way
Sales of factory-certified used vehicles rose overall last month, although some brands -- notably Audi -- did much better than others. In February, the industry sold 138,907 certified used cars and trucks, up 7.5 percent from February 2007. [SUB] 12:01 am U.S. ET | March 24
CEO of lanelogic: We're still hereThe CEO of lanelogic says the used-vehicle management company is still in business and is resolving disputes with dealers over money or vehicle titles. Several dealers told Automotive News last week that lanelogic sales representatives said the business had folded. But Bruce Thompson, who founded lanelogic in 2005, said the Dallas company is just changing its business model. [SUB] 12:01 am U.S. ET | March 24 |
CEO of lanelogic: We're still here
The CEO of lanelogic says the used-vehicle management company is still in business and is resolving disputes with dealers to whom it owes money or vehicle titles. [REG] 4:15 pm U.S. ET | March 21
Upgraded auction ID carries a fee
Starting this summer, dealerships and individual buyers will have to pay annual fees to take part in a process that makes it more convenient to purchase vehicles at auctions. The membership card is now free. [SUB] 12:01 am U.S. ET | March 10
GM: Supply of vehicles to certify will stay steadyGeneral Motors says its dealers will get the same number of used vehicles to certify and sell this year as in 2007 despite the company's cutback in sales to rental fleets. GM executives concede the reduction in less-profitable fleet sales is limiting the number of retired rental vehicles eligible for certification. At the same time, they expect an increase this year in the number of cars and trucks coming off lease from GMAC Financial Services. [SUB] 12:01 am U.S. ET | Feb. 25 |
Used-vehicle supplies up, prices down in Jan.
Supplies of used vehicles at auctions were about one-third higher than normal last month. As a result, wholesale prices of used cars and trucks dipped in January. Analysts for the two largest U.S. auction companies say they expect used-vehicle prices to remain sluggish for much of 2008. [SUB] 12:01 am U.S. ET | Feb. 25
Black Book plans daily updates
Black Book, which publishes wholesale-price guides to used vehicles, will update its values daily starting this spring, says company President Tom Cross. [SUB] 12:01 am U.S. ET | Feb. 25
Cars.com rolls out video service
Cars.com is offering dealers a feature that combines video footage and voiceover narration when they list used vehicles on the Web site. The VideoShowcase feature also provides Web links and search results for Cars.com listings that include video. [SUB] 12:01 am U.S. ET | Feb. 25
Manheim launches search tool
Manheim, the nation's largest vehicle auction company, has launched an online tool that it says will give dealers faster, easier access to cars and trucks for sale at its auctions. Manheim.com's PowerSearch allows dealers to examine listings of cars and trucks at Manheim's physical auctions before the vehicles go on sale. [SUB] 12:01 am U.S. ET | Feb. 25
Suit seeks to enforce title-washing remedyThree consumer groups are suing the federal government to force creation of a national database of vehicle titles. The groups say they want to protect consumers from unknowingly buying rebuilt wrecks. The so-called washing of titles that should be marked junk, salvage or flood-damaged also has harmed auto dealers. But the National Automobile Dealers Association says it won't join the lawsuit. [SUB] 12:01 am U.S. ET | Feb. 18 |
ADESA pushing hard for 50% gain in market shareADESA Inc., the No. 2 auto auction company, is working to boost its U.S. market share by half within five years. In the past year, ADESA has shaken up its management team and corporate culture, says CEO Jim Hallett. He predicts ADESA's new approach will help the company raise its market share from about 20 percent last year to 30 percent in the next three to five years. [SUB] 12:01 am U.S. ET | Feb. 11 |
GM will sell used cars on eBay Motors
SAN FRANCISCO -- In a move that could radically alter the used-car business, General Motors said today that 3,900 auto dealers who sell GM's Certified Used Cars will list their entire inventories on eBay Motors. The listings will be free for dealers. [REG] 2:10 pm U.S. ET | Feb. 8
Lawsuit seeks to enforce title-washing remedyThree consumer groups said today they are suing the federal government to force creation of a national database of vehicle title information, so that consumers don't unknowingly buy rebuilt wrecks. Joan Claybrook, president of the consumer group Public Citizen, says the Department of Transportation ducked its responsibilities. [REG] 2:00 pm U.S. ET | Feb. 6 |
Suzuki wants to reinvigorate certified programAmerican Suzuki Motor Corp. plans to jump-start its certified used-vehicle program this spring. Suzuki introduced the program in 2004. But the company's vice president of sales, Gary Akin, said the program has lacked an adequate number of retired fleet vehicles to certify. [SUB] 12:01 am U.S. ET | Jan. 28 |
Prices of big used pickups dropped in December
Wholesale prices of used full-sized pickups fell in December, the nation's two largest vehicle auction companies reported. [SUB] 12:01 am U.S. ET | Jan. 28
Conn. auction adds lanes
Southern Auto Auction, of East Windsor, Conn., is adding two lanes as part of an expansion program. The lanes are scheduled to open in March, bringing to 20 the number of lanes at the auction. [SUB] 12:01 am U.S. ET | Jan. 28
Manheim expands to Turkey
Manheim has entered a joint venture with Otomax, a Turkish used-vehicle remarketing company, to launch its first auto auction in Istanbul, Turkey. [SUB] 12:01 am U.S. ET | Jan. 28
