Used Vehicle

U.S. used-vehicle sales drop 6% in first quarter

4:04 pm U.S. ET | May 14, 2013
Industry-wide used-vehicle sales dropped 6 percent in the first quarter of 2013 compared to the same quarter last year, according to Edmunds.com's new Used Market Quarterly Report.... Read More »

 

ADESA parent KAR's Q1 profit rose 12% to $29 million

10:09 am U.S. ET | May 2, 2013
KAR Auction Services, parent company of vehicle-auction company ADESA, said its first-quarter net income rose 12 percent to $29 million on a 10 percent increase in revenue, to $558 million.... Read More »

 

Carfax hit with $50 million antitrust lawsuit by 120 dealerships

4:25 pm U.S. ET | April 24, 2013
The owners of 120 auto dealerships have filed a federal lawsuit against Carfax, alleging that the vehicle history reporting company engages in anti-competitive practices and violates antitrust laws.... Read More »

 

Much of tax refunds will go for auto-related spending

10:00 am U.S. ET | April 11, 2013
A third of the consumers who received or are expecting tax refunds this year plan to sink some of that cash into vehicle-related purchases such as a new- or used-vehicle or repairs, an eBay study found.... Read More »

 

CarMax quarterly profit rises, but used-car sales momentum drops

9:55 am U.S. ET | April 10, 2013
CarMax, the largest retailer of used cars in the United States, reported a 13 percent gain in fourth-quarter profit, but comparable used-car sales grew at a slower pace than the previous quarter.... Read More »

 

How the Fed fueled an explosion in subprime auto loans

12:01 am U.S. ET | April 7, 2013
Jeffrey Nelson was able to put up a shotgun as down payment on a car. At car dealers across the United States, loans to subprime borrowers like him are surging. Subprime auto lenders are showing up in a lot of personal bankruptcy filings, too. The Federal Reserve has made it all possible.... Read More »

 

ARLENA SAWYERS

Heavy snow won’t stop auction action, NAAA president says

6:22 pm U.S. ET | Feb. 9, 2013
The roads are blocked, businesses are closed and people have hunkered down in their homes as the Northeast rides out the great blizzard of 2013. But come Monday morning auto auctions located in the snow-covered Northeast will be ready for business, predicts Paul Lips, president of the National Auto Auction Association.... Read More »

 

REMARKETING

Certified-used sales hit record in 2012

12:01 am U.S. ET | Jan. 28, 2013
Franchised dealers of all brands sold a record 1,834,746 certified used cars and trucks, a 5 percent increase over 2011, according to data compiled by the Automotive News Data Center and Autodata Corp. And certified-used programs aim to push forward this year.... Read More »

 

CarMax Q3 profit rises on surge in used-car supply, consumer confidence

9:22 am U.S. ET | Dec. 20, 2012
CarMax, the nation's largest used-car retailer, reported a stronger third-quarter profit as a rise in supply, more attractive financing options and improved customer sentiment helped it sell more vehicles to retail clients. Net income rose to $94.7 million, or 41 cents per share, in the third quarter from $82.1 million, or 36 cents per share, a year earlier.... Read More »

 

FTC proposes additions to used-car window stickers

4:04 pm U.S. ET | Dec. 4, 2012
Used-car dealers would need to give customers more information on warranties under changes to window sticker rules that the Federal Trade Commission proposed today. The proposal, which the five FTC commissioners unanimously approved, makes changes to the Buyers Guide that dealers must affix to windows of all used cars offered for sale. The FTC said it will take public comment through Feb. 11 before deciding whether to finalize the proposed changes.... Read More »

 

Hertz' $2.6 billion purchase of Dollar Thrifty cleared by FTC

7:34 am U.S. ET | Nov. 15, 2012
Hertz’ $2.6 billion purchase of Dollar Thrifty Automotive Group was cleared by U.S. antitrust regulators after the company agreed to divestitures ensuring the deal doesn’t harm consumers.... Read More »

 

GM Financial taps DataScan, Openlane.com to remarket off-lease vehicles

3:44 pm U.S. ET | Nov. 14, 2012
General Motors Financial will tap DataScan Field Services and ADESA auction company’s Openlane.com to help dealerships process off-lease vehicles starting in December, the financial company said today.... Read More »

 

Hertz to divest more outlets to win approval of Dollar Thrifty deal, report says

1:50 pm U.S. ET | Nov. 12, 2012
Hertz has agreed to shed more airport locations than previously offered, which may lead the Federal Trade Commission to allow the $2.6 billion acquisition of Dollar Thrifty Automotive Group Inc. to go forward, two people familiar with the negotiations told Bloomberg.... Read More »

 

ARLENA SAWYERS

Saying no to Sandy-soaked vehicles

3:27 pm U.S. ET | Nov. 9, 2012
Hurricane Sandy hit Manfredi Auto Group’s Mazda Kia Mitsubishi dealership in Staten Island pretty hard. That has forced them to be extra vigilant in planning how to cope post-disaster. Other dealerships might do well to consider taking similar steps.... Read More »

 

2013 Scion iQ EV to join car-sharing programs

3:37 pm U.S. ET | Oct. 17, 2012
Toyota said 90 2013 Scion iQ EVs are arriving in the United States today. The four-seaters will be used for car sharing and fleets, Toyota Motor Sales said in a statement. There are also a small number of the vehicles arriving in Japan... Read More »

 

Manheim economist sees 'healthy realignment' in used-vehicle prices

12:01 am U.S. ET | Oct. 6, 2012
Used-vehicle prices are undergoing a “healthy realignment” that will continue next year with some upticks along the way, Manheim’s chief economist said Friday. After five months of declines, the Manheim Used Vehicle Value Index stood at 120.7 in September, unchanged from August but down 2 percent from September 2011.... Read More »

 

JAMIE LaREAU

Dealers stick to what works -- like selling all brands of used cars

10:07 am U.S. ET | Oct. 2, 2012
Walking past a local Chevrolet dealership a few weeks ago, I couldn’t help notice a 2009 blue Saab 9-3 sedan sitting front and center on the used-car lot. The sedan had 26,000 miles on it and a price tag of about $19,000. Despite the Chevrolet sign above it, within a few days that Saab was sold.... Read More »

 

CarMax reports flat quarterly profits as wholesale prices fall

11:49 am U.S. ET | Sept. 20, 2012
CarMax posted flat quarterly profits as sales at its wholesale unit fell and costs jumped. Net income during the second fiscal quarter was $111.6 million, or 48 cents per share, compared with $111.2 million, or 48 cents per share, a year earlier.... Read More »

 

ALG predicts used-car prices will drop 4-5% over 12 months

3:00 pm U.S. ET | Sept. 13, 2012
Average used-vehicle prices will fall 4 to 5 percent over the next 12 months, according to ALG’s Industry Report released today. In two to three years, average used-vehicle values will be 8 to 10 percent below current levels, the company, formerly known as Automotive Lease Guide, predicts.... Read More »

 

JAMIE LaREAU

Could higher speeds in Texas lead to better used-car prices?

4:22 pm U.S. ET | Sept. 11, 2012
Stretches of German autobahns have no speed limit, although they have an advised limit of about 81 mph.... Read More »

 

Penske buys Hertz locations in Memphis; broader plan possible

4:22 pm U.S. ET | Sept. 6, 2012
Penske Automotive Group, the nation’s second-largest dealership group, has signed an agreement with Hertz to become the sole franchise operator of Hertz rental locations in the Memphis, Tenn., market -- a relationship Hertz says may expand to other markets.... Read More »

 

GM sees its CPO sales flat this year; industry sales up 5%

6:02 pm U.S. ET | Aug. 29, 2012
U.S. sales of certified used vehicles are likely to rise about 5 percent this year, the head of General Motors' certified used-vehicle program predicted Wednesday. But he said GM's sales will be constrained by a shortage of vehicles. “We're flat,” said Larry Pryg, national manager of GM certified pre-owned vehicle operations. “We're No. 2 in the segment. We'll sell around 285,000 this year,” while No.... Read More »

 

Hertz to buy Dollar Thrifty for $2.6 billion

7:27 am U.S. ET | Aug. 27, 2012
Hertz Global Holdings, led by former Tenneco Automotive chief Mark Frissora, struck a deal to buy Dollar Thrifty Automotive Group for about $2.6 billion in cash and secure its place as the second-largest player in the United States market.... Read More »

 

Hertz said to be near $2.56 billion cash deal for Dollar Thrifty

3:34 am U.S. ET | Aug. 26, 2012
Hertz Global Holdings is near a deal to acquire Dollar Thrifty Automotive Group and an agreement may be announced early next week, three people familiar with the negotiations said.... Read More »

 

UK car dealer Pendragon says first-half profit rose 30%

Aug. 7, 2012 11:30 CET
Britain's biggest car dealer, Pendragon, says profit rose to 23.6 million pounds ($36.9 million) from 18.2 million pounds a year earlier, helped by the strong performance at its new- and used-vehicle segments.... Read More »