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The company will roll out fuel stations for hydrogen and battery vehicles that will be part of a dynamic nationwide charging network starting in 2023.
The deal will diversify Ritchie Bros.' truck, construction, and farm equipment customer base by providing it with a larger presence in the vehicle remarketing vertical that has strong industry fundamentals with proven growth.
All eight major market segments saw seasonally adjusted prices that were lower year over year in October.
All eight major market segments saw seasonally adjusted prices that were lower year over year in the first half of October.
Higher interest rates are likely hurting used-vehicle demand because consumers can’t afford the higher monthly payments.
Despite elevated vehicle prices, soaring interest rates and high inflation, there are no signs that demand is falling off yet.
Only three of eight major market segments saw seasonally adjusted prices that were higher year over year in September. The full-year Manheim Used Vehicle Value Index forecast is expected to finish the year down nearly 14% YOY, up from the second quarter’s revised forecast of a 6% decline.
Wholesale prices had been moving downward for most of the year and decreased 4% in August from July, widening the divergence with retail prices.
But don't get too excited. Days supply is still far below historical levels and production has yet to catch up to demand.
The average price paid for a new vehicle in America now tops $48,000. Supply of popular segments – like subcompacts, hybrids and EVs – remain low.
Sales into commercial fleets were up 37% and sales into government fleets were up 28% last month compared to August 2021.
The companies are collaborating on an electric vehicle-specific valuation influenced by the condition of the battery, the most expensive part of an EV.
All major market segments saw seasonally adjusted prices that were higher year over year -- but declined -- in the first half of August.
Used vehicles are tracking at a fairly normal pace for supply. Sales have slowed compared to the strong pace in the summer of 2021, but are still relatively healthy.
Used vehicle consignor CarLotz will enable Shift to pursue a new business plan focused on allowing consumers to buy vehicles online, sight unseen, for pickup or delivery.
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