C.J. Moore Reporter covering used vehicles and the wholesale auction industry for Automotive News [email protected] See All Staff Page Recent Stories Column: The deadlines driving us The auto industry, just like the news business, involves many deadlines. Publicly traded companies are required to disclose earnings at specific intervals. Dealers impose deadlines to turn inventory. And the industry as a whole is driven by deadlines to meet consumers' demands. Column: Used-vehicle demand gone? Not so fast. Consumers are still buying used cars, but it's now on a need basis, not on a whim basis. That's a taste of what we have for readers this week. CarMax leads new used-vehicle tally CarMax, formerly the longtime leader of Automotive News' annual ranking of the top 100 U.S. dealership groups by used-vehicle sales volume, moves over to a new list. Vroom's Tom Shortt: Growth had to slow in 2022 Shortt said the company didn't set a target for sales in 2023, instead focusing on buying vehicles, selling them while reducing costs in several areas. Used-vehicle retailers shifted Q1 goals to profit over volume Retailers grappled in their latest quarters with many factors impacting used-vehicle businesses: tighter availability of late-model used-vehicle inventory, heavier acquisition activity at wholesale auctions by rental car companies and increased consumer demand for affordable vehicles. Slide is on for wholesale used-vehicle prices Wholesale used-vehicle prices are expected to gradually cool through the rest of the year after unseasonably appreciating to start 2023. Used-car demand stays strong in spring but headwinds remain Caution is the word on the used-vehicle side. Though demand was healthy through the 2023 spring selling season, gone is the level it was at in 2021. Shift Technologies exploring 'strategic alternatives' after $48M net loss in Q1 The company said its board did not set a timetable for a completion of the review process. There is "no assurance" it will result in a transaction or other alternative. Vroom reports $75M net loss, shrunken revenue in Q1 The retailer expects its gross profit per vehicle to improve in the second half of the year as it sells a higher mix of newer inventory, CEO Tom Shortt said. Debt-laden Carvana narrows losses For now, Carvana appears able to "avoid the doomsday scenario that so many have been predicting," analysts for Piper Sandler wrote. Carvana posts smaller Q1 net loss; shares surge 34% The online used-vehicle retailer reported a net loss of $286 million for the quarter ended March 31, smaller than its loss of $506 million in the year-earlier period. Revenue fell 25 percent to $2.6 billion. Carvana Q1 earnings preview: Retailer expects smaller adjusted loss than year ago The company expects its used-vehicle volume to land between 76,000 and 79,000 vehicles in the three months ending March 31, down about a quarter from a year earlier, according to a preliminary estimate it provided in a March 22 regulatory filing. KAR Global announces rebrand under the name Openlane; company swings to Q1 profit KAR Global's corporate name will change to Openlane on May 15, and the rebranded company will keep trading under the ticker symbol "KAR" on the New York Stock Exchange, according to a news release. Vroom reduces employee headcount by about 120 The reduction is included as part of an "organizational restructuring" that Vroom has implemented amid a reexamination of "all facets of the business," the company said in a regulatory filing. Dealerships with strong used focus land on top Dealership groups on Automotive News' annual ranking focused strongly on used-vehicle operations in 2022, seeking trade-ins and buying directly from consumers to pad used inventories and sustain sales. Load More
C.J. Moore Reporter covering used vehicles and the wholesale auction industry for Automotive News [email protected] See All Staff Page