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ServNet has expanded in California with the addition of All Valley Dealers Auto Auction, which is located in the North Hollywood neighborhood of Los Angeles. The Soghomonian family owns and operates AVDAA, which was built in 1986 by Victor Soghomonian, who continues to run the auction with his sons. Justin Soghomonian is vice president and Brandon Soghomonian is online director and controller. AVDAA holds sales on Tuesday afternoons and Friday mornings and averages 800 vehicles consigned per week. Its consignors include CPS, Mechanics Bank, Exeter and franchised dealerships in the… Read More »ServNet adds California auction to group

Tuesday, Feb. 21, 2023, 02:41 PM Better Vantage Point founder Tom Kline acknowledged that sometimes dealers think the Federal Trade Commission or the Consumer Financial Protection Bureau are too busy to go poking around their showrooms looking for malfeasance. In a preview of his presentation for the Auto Intel Summit coming up in April, Kline explained why dealers should be wary of taking that approach as well as other compliance recommendations. To listen to the conversation, click on the link available below. Download and subscribe to the Auto Remarketing Podcast on iTunes. Source Article

Tuesday, Feb. 21, 2023, 02:32 PM TrueCar announced a few shifts in its C-suite leadership operations on Tuesday. Jantoon Reigersman, who was previously both chief operating officer and chief financial officer, will now solely focus on the COO position. He joined TrueCar as CFO in 2021, then took on the COO role as well in February 2022. Former senior vice president of finance Teresa Luong now moves into the CFO position. Luong has been with TrueCar since 2014, first serving as director of finance and moving up from there, including… Read More »TrueCar shifts C-suite executive lineup

The appeal of nearly new models likely has been heightened since the average transaction price for a new vehicle in January came in at $49,388, which was $2,768 higher year-over-year according to data from Kelley Blue Book. Well, Black Book noticed it’s also going to cost dealers more in the wholesale world to get 0-to-2-year-old cars since their values rose 0.41% last week. Analysts said that is the largest increase for this segment of vehicles since November 2021. Overall, wholesale prices moved up by 0.14% during the span that closed… Read More »Lane watch: Nearly new cars fetching higher prices

Tuesday, Feb. 21, 2023, 11:25 AM Used-vehicle sales in 2022 for publicly listed Lithia Motors were challenging. The rate of increase in the average retail selling price slowed markedly in the fourth quarter and the decline in the average gross profit per used unit deepened. Used retail sales in the fourth quarter were basically flat compared to the same quarter in 2021 while full-year sales rose only 0.9%. The company’s executives put a positive spin on the numbers during the company’s fourth quarter earnings call. The used market is …… Read More »Lithia results show impact of pricing pressure on used & inventory constraints

Let’s talk about the Fifth Square. It’s what builds value with today’s car-shopping customer. You won’t find it in a four square. Today, roughly 70% of the buying public is made up of folks from the Millennial generation. And they’ve changed the definition of information they consider important to making a decision. You see, price, trade-in value, down payment, and monthly payment are still factors, but what they really want to know Is: “What’s it going to cost me after I buy it?” That’s also known as future cost. Since… Read More »COMMENTARY: How dealers can determine future cost

Tuesday, Feb. 21, 2023, 10:50 AM Interest rates have been rising for more than a year, and auto defaults are on a similar trajectory. S&P Dow Jones Indices and Experian now have seen auto defaults climb nine times in the past 11 months. According to data through January for the S&P/Experian Consumer Credit Default Indices, the auto default rate moved another … Source Article

Tuesday, Feb. 21, 2023, 10:47 AM Cherokee Media Group senior editor Nick Zulovich reconnected with Agora Data CEO Steve Burke during NADA Show 2023 in Dallas for this episode of the Auto Remarketing Podcast. Burke shared his perspectives on how buy-here, pay-here dealerships are doing financially based on client data and other perspectives. He also mentioned what trends he’s watching beyond rising interest rates. To listen to the conversation, click on the link available below. Download and subscribe to the Auto Remarketing Podcast on iTunes. Source Article

Monday, Feb. 20, 2023, 03:25 PM Acquiring enough vehicles to meet demand is top of mind for CPO leaders at various OEMs.  “Inventory will be a challenge until 2025,” said Tom Love, certified used-vehicle program manager for Hyundai. “Our main focus for this year will be … Source Article

Monday, Feb. 20, 2023, 03:19 PM Certified used vehicle sales will decline in 2023, their prices will remain elevated but come down from historical highs and leasing is poised to grow, predict industry analysts. Cox Automotive data shows that CPO sales in 2022 totaled nearly 2.47 million units, a decline of nearly 280,000 units or 10.2% lower than sales in 2021. The company predicts that CPO sales in 2023 will slide another 11% to 2.2 million units, the segment’s lowest volume in 10 years. That said, CPO sales got off… Read More »Despite a strong start, CPO sales are expected to decline and their prices to soften in 2023, analysts predict