C.J. Moore Reporter covering used vehicles and the wholesale auction industry for Automotive News [email protected] See All Staff Page Recent Stories Shift Technologies sheds East Coast stores The retailer said its store leases, inventory and related assets in Richmond, Va.; Charlottesville, Va.; and Tampa, Fla., will "be assumed by a local dealership group." It did not disclose the name of the group. Used-vehicle market to continue to soften in 2023 Jonathan Banks, vice president of used-vehicle valuations at J.D. Power, said at the NADA Show in Dallas that even with declining prices, the used-vehicle market will remain profitable. Survey shows dealers increasingly worried about the economy Dealers are increasingly worried about the possibility of recession even as improving inventory levels have them more optimistic about the new-vehicle business in 2023. Worries loom for used-car market Many dealers say high retail prices and rising interest rates create a one-two punch that will further discourage consumers concerned about affordability and potentially shut more of them out of the used-vehicle market. Mini will continue to roll out ICE vehicles Mini told dealers at their make meeting Saturday that inventory will be more consistent in the coming months, now that the parts supply shortages and logistics challenges the brand dealt with last year are smoothing out. John Hammer to leave ADESA president role in February ADESA President John Hammer will exit the company less than nine months after its U.S. operations were acquired by online used-vehicle retailer Carvana Co. Carvana settles long-running regulatory dispute with Illinois The state twice suspended the online used-vehicle retailer's license over motor vehicle registrations and titling issues. Dealers face EV hurdle Dealers are readying their sales and service operations to handle the influx of used EVs that will eventually arrive on their lots, but for now a big challenge for many of them is a shortage of inventory. Carvana's regulatory headwind shifts Carvana is free to sell its vehicles to Michigan residents via its website, though those cars and trucks will have to be retitled to Michigan, and it will be left up to buyers to do that work. Used-vehicle volume hits lowest mark in nearly a decade The number of used cars and trucks sold in the U.S. decreased nearly 11 percent to an estimated 36.2 million vehicles in 2022, Cox said. Michigan Carvana store agrees to surrender dealer license; online sales can continue The Michigan Carvana outlet will surrender its license in lieu of state regulators taking further administrative action. Carvana can keep delivering vehicles purchased through its website to Michigan residents at its Michigan locations. Ahead of NADA Show, focus on new and emerging technologies Wholesale used-car prices rise slightly in December, but more declines possible Wholesale used-vehicle prices ticked up in December to cap off a year in which there were several consecutive monthly declines. Why CarMax, Carvana and Vroom are sitting out the 2023 Super Bowl Spokespersons for CarMax, Carvana and Vroom said there are currently no plans to air company advertisements during the game. Trends to watch in 2023 From the evolution of digital retailing to a focus on data security, here's what's on the horizon for auto retail this year. Load More
C.J. Moore Reporter covering used vehicles and the wholesale auction industry for Automotive News [email protected] See All Staff Page