Manheim's president who oversees the inventory solutions unit offers thoughts on fleet mobility services, bringing artificial intelligence to inspections, and the company's diversification strategy.
This growth was in large part fueled by the strong performance of lower-priced vehicles. Compact cars and midsize cars, in specific, saw the strongest growth among all vehicle segments and outperformed the overall market.
Used-vehicle auctions have started resuming regular business hours following the effects of Hurricane Florence, which had less of an impact on the U.S vehicle market than Hurricanes Harvey and Irma in 2017.
Used-vehicle values have held strong this year. A strong economy and more efficient remarketing strategies are helping make 2018 a banner year for used-vehicle values.
Cox Automotive has established a new mobility services unit that combines existing businesses, such as its Flexdrive subscription service, with its acquisition of Clutch Technologies' subscription software platform to deliver fleet management solutions for mobility fleets, the company has announced.
Used vehicle sales continued their strong performance in the wholesale market in July, as an "abnormal bounce" that began in June continued to show strength with overall values increasing in July 1.51% from the prior month, according to Manheim.
The Manheim Used Vehicle Value Index hit a record high for the second consecutive month, as wholesale used-vehicle prices rose 1.1% month over month in June. The increase brought the Index to 129.3, a 2.5% increase from a year ago.
While wholesale used-vehicle prices declined by 0.5% in March, the Manheim Used Vehicle Value Index — a measure of wholesale prices adjusted for mix, mileage and season — came to a reading of 124.1. This is an increase of 1.3% from a year ago.
Many of the dynamics in today’s market are eerily familiar to the resale value softness that occurred in the last decade, which ultimately peaked in 2002. At that time, year-over-year increases of off-lease vehicles entering the wholesale market exerted downward pressure on resale prices. It appears that we are on the same trajectory, with off-lease volumes peaking in 2016. What are you doing to prepare for these different market dynamics?
Manheim has named Chad Ruffin as general manager for Manheim Southern California, and has promoted Donny Cohen to auction manager for Manheim Daytona Beach and Manheim Jacksonville.