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.
The slowing economy has driven average vehicle sale and floor prices past a turning point compared to last year.
Analysis: Starting in 2023, the effects of the pandemic-driven slowdown and the changes in leasing will affect the used-vehicle supply by mid-decade.
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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.
See how Cox Automotive scored when its earlier outlook met the economic and market realities so far this year.
IARA Summer Roundtable: Auto sales and transactions reap more stats, info, and input than ever, but it’s not useful unless you can apply it to business.
IARA Summer Roundtable: Cyber threats are multiplying in numbers and types as organizations scramble to catch up on protections.
Analysis: The Fed wants to see less credit flowing as part of their plan to induce pain, and it's working. Are they taking enough time to see the effects of their moves before doubling down?
NAAA Remarketing Outlook: High vehicle prices, low inventory, solid resale values, and an enigmatic economy are taking the normality out of used and new vehicle sales.
Wholesale prices had been moving downward for most of the year and decreased 4% in August from July, widening the divergence with retail prices.
CAR was highlighted by discussions addressing trends that will affect the future of the remarketing industry. The conference was held March 1 to 2 at the Paris hotel in Las Vegas and was held in partnership with the International Automotive Remarketers Alliance (IARA) and the National Auto Auction Association (NAAA). Photos by Steve Reed and Andy Lundin.
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