Incentives, excess new-car inventory, put a drag on used vehicle values
An increase in new-car incentives and “channel stuffing” -- excess new-vehicle inventory on dealers' lots -- caused used-vehicle prices to tumble 1 percent in November, according to one closely watched used-vehicle price index released today.
'Mystery device' helps thieves steal cars with push-button ignitionsUPDATED: 12/7/16 2:19 pm ET - adds industry reaction
The National Insurance Crime Bureau today said it obtained and tested a so-called “mystery device” that can allow a thief to break into a vehicle without leaving behind any of the traditional pieces of evidence such as broken glass.
AutoNation's about-face draws fire from 2 Senate Democrats
A duo of Senate Democrats who've introduced legislation aimed at preventing the sale of used vehicles with unrepaired safety recalls blasted AutoNation Inc.'s reversal of its 16-month ban on the sale of such vehicles at its dealerships.
Penske to expand used-car stores
Penske Automotive Group has launched its own line of standalone used-car stores with the planned purchase of CarSense, which owns five used-only stores in the Philadelphia, Pittsburgh and southern New Jersey.
Accountant resolves key used-car conflict
An inherent tension exists at most franchised dealerships between fixed operations and used-car sales. But at one large North Carolina dealership, that long-standing and bitter conflict has been amicably resolved -- by the accountant.
Texas auto auction company acquired by Capital Partners for XLerate Group
Huron Capital Partners, a Detroit investment group, has acquired a Texas-based auto auction for one of its portfolio companies, the Indianapolis-based XLerate Group, which runs online and onsite auto auctions.
Penske acquires used-only dealership group
Penske Automotive Group is adding used-only vehicle dealerships. The nation’s second-largest auto retailer has signed a deal to acquire CarSense, a stand-alone retailer of used vehicles with stores in Philadelphia, Pittsburgh and southern New Jersey.
CarMax expands used-car store footprint
CarMax, extending its lead over other publicly held auto retailers entering the stand-alone used-car store market, continues its expansion, opening its first store in Michigan this month. Store No. 167, near Grand Rapids, puts the retailer closer to its goal of becoming a national brand.
AutoNation to leap into auction business
AutoNation is getting into the auction business in a much bigger way with plans to open four AutoNation-branded auto auctions over the next two years, going to five sites from one now. AutoNation expects to sell more than 20,000 vehicles annually at each of its auction locations.
What happens to Porsche's parked diesels?
When a V-6 diesel fix is approved, Porsche will sell nearly 1,500 diesel Cayennes sitting in dealer inventory for the past year as used vehicles. Porsche Cars North America managed to get other Cayenne diesels initially allocated to the U.S. reassigned to Germany for redistribution elsewhere.
CPO has room to grow, but awareness lags
Off-lease vehicle volume is growing faster than CPO sales, leaving room for those sales to grow, remarketing analysts say. But they add that greater consumer awareness of certified programs is needed for those sales to reach their potential.