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Hello and welcome to this week’s Used Car Market Report, with insights from Ricky Beggs and Black Book. This will be a short week in the market due to the Thanksgiving holiday. Hopefully in addition to the Black Friday crowds and sales at the big box retailers and electronics stores the excitement will spread over to the new and used auto lots.
Even though there were comments from the Black Book survey personnel this past week indicating softness in the market, prices were also described as all over the board, and even steady. It was interesting that for the first time in several weeks there were no comments about the late model, former rental cars being high in no sales.
The two segments with the largest declining adjustments over the past seven weeks, the…
Smartphone & Tablet Technology Showing Improvements in Decision-Making Speed and Profitability
LAWRENCEVILLE, Ga. (November 20, 2014) – Black Book® announces the results of its recent Mobile Usability survey, taking a closer look at how dealers, remarketers and other industry professionals are currently utilizing mobile technology via smartphone or tablets. The results shed light on just how fast the industry is becoming, with respondents saying mobile technology helps them make decisions 20 seconds faster. To view complete results of the survey click here.
The Black Book Mobile Usability survey was presented to more than 1,000 automotive dealers, remarketers and other industry professionals who make wholesale and retail inventory procurement decisions. The online survey was conducted from May through June, earlier this year. The responses show that 69% of industry professionals are using one smartphone; another 20% use a smartphone…
Swapalease.com, the nation’s largest car lease marketplace, reports lease credit approvals during October rebounded to a rate of 74.1%, compared with 64.5% in September. Roughly three out of every four lease applicants were approved in October, an important indicator given the continued popularity of car and truck leases.
Year to date, Swapalease.com has recorded a lease credit approval rate of 68.6%, just shy of the 70% rate that is considered normal in the marketplace. Over the last three months, approximately 73.4% of all lease applicants have been approved for lease exchanges.
The timing of the lease credit approvals rate is interesting given the proximity to the holiday shopping season and end-of-year auto deals. Consumers are expected to rely on credit for purchases as the end of 2014 nears. Online holiday shopping is expected to reach $89 billion in sales this year and up 13% from a year ago. Auto sales are expected to finish the year strong at…
Hello and welcome to this week’s edition of the Used Car Market Report, with insights from Ricky Beggs and Black Book. Thank you for taking the time to hear our thoughts on the market activity from the past week. During the conference there were multiple opportunities to hear from so many key industry personnel connected to CPO, lenders, recovery and repossessions and the traditional remarketing channels. The question might be what is termed traditional remarketing in today’s ever changing market? Multi-platform and the hub selling got more extensive discussion, and so did the comments by many that physical auctions will continue to prosper, and should for many years to come. No matter the venue, technology is going to be a piece of the business from sourcing, consigning, financing and even shipping.
Congratulations to so many who received special recognition during the…
Under Tesla's new program, lessees have the option to return their Model S within the first three months if they are unsatisfied. Scot Hall from Swapalease.com believes many will take advantage of an early out, but not within the first three months of vehicle possession. Tesla is playing a slight role in this decision, disqualifying drivers from immediately leasing another Tesla if they do return in the three-month window.
However, a closer look at luxury lease exchange trends on Swapalease.com shows most Tesla’s will be transferred within the first 4-8 months.
Wantalease.com, the nation’s first online car lease marketplace for new car lease deals, shows 16 popular cars and trucks in November offered for less than $200 per month, with a variety of models between small and mid-sized cars, SUVs and pickup trucks. According to Wantalease.com, it’s the largest variety of makes and models at this price point during 2014.
Headlining the November lease deals is the Chevrolet Cruze LT, listed at $119 per month with less than $1,000 down. The Cruze has been a consistently aggressive lease price throughout 2014 and should remain at the top of the list throughout the busy holiday shopping season.
The Volkswagen Jetta 2.0 MT, an entry mid-size vehicle, is second on the list offered at $139 monthly. Volkswagen is known for its attractive lease deals and this particular deal is down slightly from its October price of $204 monthly.
A handful of SUVs and a popular pickup truck are also on the list for under $200 lease offers…
Hello and welcome to this week’s edition of Beggs on the Used Car Market, with insights from Ricky Beggs of Black Book. It is the time of the year where I love the crisp cool mornings, the recent changing of the color of the leaves as they go from green, to yellow, red, orange to brown and finally fall to the ground. It is also that time of the year that I don’t get too warm and fuzzy about when I often go to the office in the dark and leave to return home in the evening and it is also dark. With this we will find some of the retail lots, especially the independent used dealer, who will shorten his or her hours of operations. Has anyone tried to use this as a reason for softening sales and values this time of the year?
We have finally made it to the national price of gas at the sub $3.00 level, just barely, at $2.99, down $.06 from the prior week and now $.27…
It's been well documented that car shoppers have fewer EV/hybrids in mind given today's gas prices. Now comes word that drivers of these fuel-efficient vehicles are also looking to walk away in an effort to upsize, too. Below are two stories trending in the automotive world with personal financial consequences.
Walking Away From A Gas-Sipper
Electric (EV) and hybrid vehicle sales have steadily increased since 2012, reaching 88,149 sales so far in 2014. However, with falling gas prices, dealers have recently found it more difficult to move these vehicles out of their lots and onto roads. More buyers are coming in to purchase that truck or SUV they wanted but opted not to get with high gas prices. The demand for and sales of SUVs and trucks has grown 15% from October 2013. However, sales for both Ford’s C-Max and Toyota’s Prius dropped, 22.5% and 13.5%, respectively.…
According to Black Book® data, the average price of a used vehicle for model years 2009-2013 saw the largest monthly depreciation of the year so far at -2.0% during October. Domestic cars changed the most at -3.2%; import cars changed -2.3%; domestic trucks changed -2.1%; and import trucks changed -1.3%. Average pre-recession depreciation is historically between -1% and -2% monthly, and Black Book expects overall 2014 depreciation of -13.5%.
Two car segments saw at least -4.0% depreciation or greater during October, the Full-Size Cars (-4.0%) and the Compact Cars (-4.4%). The Full-Size Cars finished the month with an average price of $11,848, and vehicles in this segment include the Chrysler 300, Toyota Avalon, Chevrolet Impala and Nissan Maxima. The Compact Cars finished the month with an average price of $9,327, and vehicles in this segment include the Honda Civic, Chevrolet Cobalt/Cruze, Toyota Corolla and Ford Focus.
For the second straight month, the Compact…
There’s been a lot of discussion recently on the role leasing has been playing on used car prices, with particular emphasis on the rising number of lease returns expected this year and in years to come. Scot Hall from Swapalease.com believes leasing is playing less of a role on the reasons why prices are headed down. Consider the following points:
“It’s easy to point a finger at leasing when it comes to falling car prices simply because there has…Continue
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