Black Book’s latest COVID-19 Market Update found that while used vehicle values have continued to depreciate since the last week of March, the rate of depreciation has been significantly lower over the last two weeks.
The Automotive Fleet & Leasing Association (AFLA Canada) held a webinar on Thursday, May 7, 2020 on the Canadian fleet market titled "The Impact of the Recent Economic Downturn on Vehicle Depreciation: What Fleets Need to Know.”
Manheim is providing discounts and waiving fees for its online services to support customers and clients whose businesses are impacted by closures as a result of the COVID-19 pandemic.
KAR Global is halting physical sale operations across North America at all ADESA locations, and includes Simulcast-only sales for at least the next two weeks.
Wholesale used vehicle prices increased 1.35% month-over-month in February, bringing the Manheim Used Vehicle Value Index to 143.5, which is 6.2% higher than it was at the same time in 2019.
KAR Global is immediately transitioning to Simulcast-only sales at all U.S. and Canada ADESA auction locations until further notice as the coronavirus pandemic continues to evolve, according to KAR Auction Services.
Manheim will implement Simulcast-only sales at all of its U.S. locations effective March 16 to April 3, following the ongoing public health and safety concerns of COVID-19.
Vehicle values held steady last week, as various luxury segments continued to see positive movement in their week-to-week wholesale values.
Companies such as Manheim and ADESA have invested time and money to bolster the digital side of their business to meet the demands of this growing field, and so have fleet management companies.
Online remarketing has been a growing trend for the past few years and it promises to continue. As more remarketers are selling and buying wholesale vehicles online, some new trends have emerged.