The industry quickly turned to online services when the pandemic hit, utilizing digital-only sales, which ultimately kept the industry from halting completely.
Used-vehicle sales will rise and new-vehicle sales will fall in 2018, while total sales will reach 56.2 million, which would represent a second year of declines for the automotive industry, according to a Cox Automotive forecast.
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.
Used vehicle prices experienced a reversal in May, falling 1.2% from the previous month, according to Black Book.
GM Financial reported $202 million in net income in the first quarter of 2017, a 23% increase over the same time last year, despite pressure on used-car values, the company has announced.
Used vehicles increased 0.4% in value in April, as buyers boosted the value of smaller cars, which have begun to shrug off several years of heavier declines, according to Black Book.
Small and large pickups were among the top performing segments in January with a 1.1% depreciation rate among two- to six-year-old vehicles sold in auction lanes, according to Black Book.
This week’s Black Book Market Insights report shows how the entire car and truck market showed broad declines this past week, with the exception of small pickups.
In May, average wholesale values fell relative to April, though they remain up on a year-over-year basis largely because of the price strength of trucks, according to ADESA.
Used vehicle values from the 2010 to 2014 model years fell 0.5% in May from April levels with cars showing a slightly higher depreciation rate than trucks, according to Black Book.