New Vehicle Sales Stall in September
The lack of new-vehicle inventory is steering many dealers and consumers into the used-vehicle market, resulting in higher prices for both wholesale and retail used vehicles.
The lack of new-vehicle inventory is steering many dealers and consumers into the used-vehicle market, resulting in higher prices for both wholesale and retail used vehicles.
The mobile experience makes it simpler and easierto access and participate in live, auctioneer-led sales from any location.
After edging higher for a couple of months, available supply dipped by the end of August.
Tight vehicle inventory continues to vex the auto industry while high prices deter buyers.
Despite lower production, there are more vehicles ready to be sold due to sales losing momentum since June.
But sales are declining as car shoppers face limited inventory, high prices and historically low incentives.
The profit index sets another record high, while the price pressure index increased modestly.
The sales conversion rate also increased last month and ended at a level higher than typical for August, indicating buyers have become more aggressive than they were in June and July.
August figures show sales into rental increased 118% year over year in August and are up 7% compared to the same time period last year.
The automotive remarketing sector is seeing big changes due to an increased use of technology, evolving vehicle mix and shifting expectations from buyers and sellers.
The third-party battery health diagnostic tool will strive to become the industry standard to assess the condition and value of EV batteries.
A recent quarterly report from Haig Partners shows that buy-sell activity among auto dealerships has exploded, leading to "empty lots and overstuffed wallets."
KAR expects to be immediately profitable across its North American dealer-to-dealer platforms while enhancing its position in the highly fragmented wholesale used vehicle market.
High prices and relatively tight inventory keep more buyers at bay.
The average listing price reached $25,500 as July closed, after surpassing the $25,000 mark for the first time ever in June.
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