Premium Articles
What might create future ‘lumpiness’ as ‘exorbitant’ wholesale prices fall
Thursday, Aug. 24, 2023, 02:22 PM
Nick Zulovich, Senior Editor
ADESA chief economist Tom Kontos demonstrated his vast vocabulary again to explain what’s happening with wholesale values, detailing how prices are coming down from “exorbitant” levels and what might cause some “lumpiness” later this year. Auto Remarketing connected with the industry expert this week as he released his newest installment of the Kontos Kommentary. According […] [Read More]
New EV supply stockpile may be sign of ‘growing pains’ for Canadian market
Friday, Aug. 18, 2023, 11:19 AM
Sarah Rubenoff, Correspondent
OEMs continue to pump out new electric vehicle models, and supply of some of the legacy models is backing up as new-car inventory continues to expand slowly but surely.
Although Canadian consumers are leaning toward smaller vehicles due in part to high prices and interest rates, as well as gas prices and environmental concerns, there could be a shift in the near future.
With the rise of electric SUVs becoming more commonplace, this could help ... [Read More]
ACV continues progress toward the ‘pillars’ of innovation, growth
Wednesday, Aug. 16, 2023, 04:29 PM
Daryl Lubinsky, Correspondent
During a quarterly earnings call this month, ACV chief executive George Chamoun covered the company’s program that it describes as three pillars of “Maximizing Long-Term Shareholder Value.”
Those three pillars are “growth,” “innovation,” and “scale.”
Addressing the “growth” portion, Chamoun started by ... [Read More]
Auto data roundup: July defaults & August average interest rates
Tuesday, Aug. 15, 2023, 10:52 AM
Nick Zulovich, Senior Editor
Multiple sources of auto-finance data and more intriguing economic trends surfaced in recent days, with experts touching on defaults, interest rates and the possibility of a recession. Let’s begin this roundup with the auto portion of the S&P/Experian Consumer Credit Default Indices. Experts determined the July auto default rate came in at 0.82%, ticking up […] [Read More]
AutoCanada strategy tied to selling more used vehicles faster, with less inventory
Tuesday, Aug. 15, 2023, 10:50 AM
Sarah Rubenoff, Correspondent
With revenues climbing from a year ago, AutoCanada chairman Paul Antony and his team dove deep on how various operational initiatives have pushed the publicly traded dealer group.
These initiatives, including selling more pre-owned cars while keeping less inventory in stock, were supported by “robust market conditions,” said Antony during a call to announce and analyze AutoCanada’s second-quarter operating results.
"New light inventories have begun to replenish, and this coupled with high demand following the pandemic supply constraints has resulted in [Read More]
CPO record streak from Hyundai Canada reflects OEM, dealer focus on quality, certified vehicles
Tuesday, Aug. 15, 2023, 10:01 AM
Sarah Rubenoff, Correspondent
Demand for quality used vehicles is up across the country. There’s nowhere this trend is more evident than in the certified pre-owned vehicle market.
July marked the 11th consecutive month where Hyundai Canada set a record CPO sales tally for the respective month. And June was the program’s best month ever, as it moved 1,940 CPO units.
Through July, year-to-date sales are ... [Read More]
Vroom focuses on deceleration of aged units
Monday, Aug. 14, 2023, 03:24 PM
Daryl Lubinsky, Correspondent
Vroom CEO Tom Shortt noted during the company’s second quarter 2023 earnings call on Aug. 9 that its e-commerce units grew approximately 5% sequentially.
“This quarter is the first quarter with sequential growth since we realigned the business and introduced our long-term roadmap in the second quarter of 2022,” Shortt said.
That long-term roadmap remains unchanged, and it includes three key objectives and four focused strategic initiatives. The objectives are ... [Read More]
High demand for sedans; used inventory levels expected to rise
Thursday, Aug. 10, 2023, 09:46 AM
Sarah Rubenoff, Correspondent
AutoTrader’s newest Price Index Report for Canada reflects growing consumer intent-to-buy and an industry still plagued with supply issues. In an effort to further drill down into the index results and what they mean for the Canadian pre-owned market, Auto Remarketing Canada connected with AutoTrader analysts.
According to Baris Akyurek, vice president of insights and intelligence at AutoTrader, the index reveals some “interesting variations” in ... [Read More]
Wholesale vehicle prices are falling, but take that with grain of salt
Tuesday, Aug. 8, 2023, 04:45 PM
Joe Overby, Senior Editor
Wholesale vehicle prices have declined double-digit percentages for two consecutive months, but it’s important to “put some perspective on that,” according to analysis around Cox Automotive’s latest Manheim Used Vehicle Value index.
Last month's 11.6% year-over-year decline in the Manheim index (adjusting for mix, mileage and seasonality) — which followed June’s 10.3% drop — is a far cry from ... [Read More]
OPENLANE CEO optimistic about off-lease volume recovery
Monday, Aug. 7, 2023, 03:26 PM
Joe Overby, Senior Editor
There appears to be a light at the end of the tunnel for off-lease vehicles, the auction segment whose volumes were hit hardest in the aftermath of COVID-19, and for overall commercial consignment.
While an immediate turnaround in volumes isn’t imminent, macro-economic conditions suggest “an improving outlook for commercial off-lease volumes,” OPENLANE CEO Peter Kelly said in the company’s second-quarter earnings call last week
“I believe that the headwinds of the last three years look set to ... [Read More]