Used Cars

CarMax says Q3 net income rose 22% to $130 million

9:14 am U.S. ET | Dec. 19, 2014
CarMax, the largest used-car seller in the United States, said net income surged 22 percent in its third fiscal quarter as easier credit boosted vehicle sales.... Read More »

 

Retired rentals ding prices

12:01 am U.S. ET | Dec. 15, 2014
The talk in remarketing circles has been about how the rising tide of off-lease vehicles will push used-car prices down. But more retired rental units are destined to hit the market next year, too.... Read More »

 

Where are the GM program vehicles?

12:01 am U.S. ET | Dec. 15, 2014
The flow of retired rental vehicles that General Motors normally sells at auction to its dealers has slowed to a trickle since mid-November, dealers say. The prices that GM can fetch on program vehicles -- those that the automaker takes back after they're retired from rental fleets -- dropped dramatically in late October.... Read More »

 

DriveTime names Manheim, low-end vehicle auction as exclusive remarketers

4:07 pm U.S. ET | Dec. 11, 2014
DriveTime has named Manheim and Go Auto Exchange, an auction that specializes in dealer-to-dealer sales of low-end used vehicles, as its exclusive sales outlet for remarketing vehicles.... Read More »

 

Used-car buyers are big F&I opportunity

12:01 am U.S. ET | Dec. 8, 2014
Otto Belovich believes it is a disservice to his customers -- especially those who buy used vehicles -- if he doesn't offer them the opportunity to purchase a service contract.... Read More »

 

ARLENA SAWYERS

Easy credit dries up buy-here, pay-here business, dealer says

12:01 am U.S. ET | Dec. 8, 2014
Dealers and lenders insist that there is no subprime bubble in automotive financing, and the numbers back them up.... Read More »

 

Lack of 2014 retired rental units buoy Nov. auction prices

3:34 pm U.S. ET | Dec. 5, 2014
Strong used-vehicle demand and a sharp decline in retired rental vehicles offered at auction buoyed prices of used cars and trucks in November.... Read More »

 

Dealer's vintage car auction packs 'em in

12:01 am U.S. ET | Nov. 24, 2014
We reported last month on Dallas-area Ford dealer Sam Pack's plans to auction off 131of his 473 vintage automobiles in Dallas on Nov. 15. So how did things turn out? The event certainly attracted a crowd.... Read More »

 

ARLENA SAWYERS

Popping the subprime bubble myth

12:01 am U.S. ET | Nov. 24, 2014
There is no subprime auto loan bubble, darn it. That message came through loud and clear at session after session devoted to subprime lending during the Used Car Week Conferences sponsored by Auto Remarketing magazine this month in Las Vegas.... Read More »

 

Structural damage or fender bender?

12:01 am U.S. ET | Nov. 24, 2014
TrueFrame will inspect any vehicle, at a dealership's request, that has an accident on its history report. TrueFrame issues its own report if the vehicle passes its cosmetic and structural standards. The TrueFrame report is sent to the dealership that requested it and to vehicle history reporting companies such as Carfax Inc., which has agreed to link TrueFrame reports to its vehicle history reports.... Read More »

 

Next phase of multiplatform sales? Hold your horses

12:01 am U.S. ET | Nov. 24, 2014
Remarketers, auto dealers and others had hoped to hear at a remarketing conference this month about when the next stage in online multiplatform auction selling would arrive. But when Jay Cadigan, who represents Manheim in conversations with other key players hammering out details of the initiative, was asked about its timeline, he demurred.... Read More »

 

Two-car households will decline, KPMG report predicts

12:01 am U.S. ET | Nov. 22, 2014
Two-car households may be on the decline as urbanization increases, but they are far from disappearing, a KPMG report said this week.... Read More »

 

Hertz hires airline veteran Tague to revive company

12:12 pm U.S. ET | Nov. 21, 2014
Hertz Global Holdings named John Tague as its new CEO, appointing the manager credited with boosting sales at United Airlines to restore investors' confidence in the car-rental company plagued by an aging fleet and sloppy accounting.... Read More »

 

ARLENA SAWYERS

Popping the subprime bubble myth

12:01 am U.S. ET | Nov. 19, 2014
There is no subprime auto loan bubble, darn it. That message came through loud and clear in session after session during the recent Used Car Week conference sponsored in Las Vegas.... Read More »

 

Financial openness can beat the lowest pricing, dealer says

12:01 am U.S. ET | Nov. 17, 2014
Customers who apply for vehicle financing on driversselect.com get real information about interest rates, down payments and monthly payments that holds up once they arrive at the Dallas used-only dealership. CEO Steve Hall says many dealers don't find it easy to give out so much information online. But transparency builds trust, he said.... Read More »

 

Manheim stocks used cars for Sonic

12:01 am U.S. ET | Nov. 17, 2014
Sonic Automotive is contracting with Manheim to buy and stock used vehicles at a new-car store near Denver as part of an unprecedented pilot program.... Read More »

 

How remarketers get the most from off-lease vehicles

12:01 am U.S. ET | Nov. 17, 2014
With the number of off-lease vehicles returning to the market expected to rise steadily and sharply over the next several years, automakers say it is crucial to have programs that enable them and their dealers to sell used vehicles quickly and for as much money as possible.... Read More »

 

Hertz to restate results, change fleet-purchase strategy

2:22 pm U.S. ET | Nov. 14, 2014
Hertz said today it will revise financial statements from 2011 through 2013 and continue a review that has found $87 million of errors so far. Hertz also said it's initiating a $100 million cost-reduction program and said it increased the rate at which it's selling the highest-mileage cars in its fleet by 45 percent.... Read More »

 

AutoNation plans mid-December rollout of digital storefront in Florida

12:49 pm U.S. ET | Nov. 12, 2014
Customers of 30 AutoNation stores in south Florida next month will be able to use their credit cards to reserve a car they want to buy, as part of a purchase process that is largely online.... Read More »

 

Online financial transparency trumps lowest price, dealer says

10:00 am U.S. ET | Nov. 12, 2014
Customers who apply for vehicle financing on driversselect.com get real information about interest rates, down payments and monthly payments that does not change once they arrive at the Dallas used-only dealership, CEO Steve Hall said.... Read More »

 

Shoppers willing to pay smaller certified-used premium, study shows

12:01 am U.S. ET | Nov. 10, 2014
New-car shoppers in AutoTrader.com's 2014 Certified Pre-Owned Study said they are willing to pay a $2,032 premium for a certified used vehicle, vs. one that isn't. That was down $908, or nearly a third, from the amount new-car shoppers in last year's study said they were willing to pay.... Read More »

 

Rising off-lease volume hits ADESA lanes

12:01 am U.S. ET | Nov. 10, 2014
The number of vehicles sold at ADESA's physical auctions rose 4 percent in the third quarter as a much-anticipated rising volume of off-lease vehicles began to be felt in the remarketing world, said the CEO of the auction company's parent.... Read More »

 

ADESA doubles Q3 profits on growing auction volume

2:29 pm U.S. ET | Nov. 5, 2014
KAR Auction Services, parent of ADESA, said its third-quarter net income more than doubled to $47 million from $22 million a year earlier, on revenues that increased 10 percent to $589 million.... Read More »

 

AutoNation halts sales of used cars under Takata recalls

12:51 pm U.S. ET | Oct. 28, 2014
AutoNation has stopped selling used vehicles that are subject to the Takata airbag recalls and warnings. The action affects fewer than 400 cars, AutoNation said today.... Read More »

 

Q auto's sales strategy: 1 person, 1 price

12:01 am U.S. ET | Oct. 27, 2014
Casey Coffey said the goal at Q auto -- Asbury Automotive Group Inc.'s new line of used-only dealerships -- is to stock an array of quality used vehicles and make quick, no-hassle sales to consumers. To speed sales, Q auto's strategy calls for product specialists to handle deals from beginning to end.... Read More »

 

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Canadian dealer buries a Jeep, hires an ambassador and puts on the Ritz

Canadian dealer buries a Jeep, hires an ambassador and puts on the Ritz

At Bay King Chrysler, Dodge, Jeep, Ram in Hamilton, Ontario, dealer Jamie Richter has put luxury-hotel touches in his new showroom. They include concierges who see to the needs of service customers. Mon., December 15
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