The slowing economy has driven average vehicle sale and floor prices past a turning point compared to last year.
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.
Auctions received vehicles from a more diverse stream of sources in the last quarter as data could be signaling some inflection points in the market.
The first year of accumulated metrics from AutoIMS consignors and auctions points to a continued supply chain squeezing vehicle prices and mileage higher.
Off-lease vehicles from fleet consignors in the rental, commercial, and government sectors increased 2.3% in April from March and increased 5.8% from a year ago, according to analysis from KAR Auction Services.
Prices for vehicles from fleet lease consignors increased 6.6% in March and are 4.9% higher than a year ago driven in part by a strong spring selling season that boosted the values significantly from February levels, according to KAR Auction Services.
Average wholesale prices for fleet lease vehicles were down 1.9% month-over-month, but up 0.4% year-over-year, according to Tom Kontos, KAR Auction Services' chief economist.
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