|By PR Newswire||
|January 25, 2014 11:45 AM EST||
NEW ORLEANS, Jan. 25, 2014 /PRNewswire/ -- With labor market and credit conditions continuing to improve and expected to maintain an upward trajectory in the year ahead, the environment is ripe for sustained vitality in the new, used and wholesale marketplaces.
These and other trends are explored in detail in Manheim's 19th annual Used Car Market Report, unveiled today by Manheim chief economist Tom Webb at the National Automobile Dealers Association convention.
Looking ahead, Webb said 2014 will reveal "the next evolution of the wholesale marketplace," as declining margins, increasing wholesale volumes and rising market pressures will require new tools and strategies. For auction participants, this means the ongoing adoption of technologies that allow them to buy and sell vehicles through online platforms that provide simultaneous, multi-platform buying and selling opportunities.
In an introductory letter in the report, Manheim President Sandy Schwartz said the transformation of the remarketing industry is something the company embraces, pointing to the innovative new services offered by the company to facilitate the buying and selling process. "In the face of these changes, our goal at Manheim is to provide a trusted marketplace for buyers and sellers, enabling wholesale participants to appraise, finance, buy, sell, manage and transport inventory in the most efficient ways possible."
The 42-page report, co-written by Manheim Consulting Director Scott Hatmaker, examines data and trends in all sectors of the used car marketplace, including chapters on dealers, rental, leasing, repossessions, fleets, international wholesaling and salvage auctions.
Among the highlights:
- New vehicle sales increased for the fourth consecutive year, and franchised dealers sold a record number of certified pre-owned vehicles.
- Increased financing availability balanced out inventory acquisition challenges for independent dealers.
- New vehicle sales into rental were their highest since 2007.
- Low fleet depreciation and inventory funding costs led to another record year despite a 1% decline in revenue per vehicle.
- New lease originations were up to 3.2 million, highest since 2000.
- Increasing off-lease volumes in the years ahead will pose challenges for remarketers and opportunities for dealers.
- Repo volumes increased 5%, totaling an estimated 1.37 million vehicles.
- Commercial and government fleet vehicle purchases increased for the fourth straight year.
- New vehicle sales into fleets are expected to level off near 900,000 by 2015.
- Wholesale volumes and prices increased in the U.K., while at the retail level both new and used vehicle prices improved.
- Emerging markets such as China and India will experience rapidly increasing used car sales in the years ahead.
- Prices and volumes increased modestly at salvage auctions in 2013.
- An increasing number of dealers are purchasing and repairing salvage-titled vehicles to sell to retail buyers.
The Report is available in PDF format by visiting the Used Car Market Report tab within the Manheim Consulting site, located at www.manheim.com/consulting. Members of the media may request a Report by contacting Lois Rossi at Manheim at [email protected].
About Manheim (www.manheim.com)
Manheim is the leading global provider of vehicle remarketing services, connecting buyers and sellers of used vehicles to the largest wholesale used-vehicle marketplace. The company helps dealer and commercial customers achieve results by providing physical and digital auction channels, data analysis, financing, transportation, and mobile products and solutions.
Manheim pioneered in-lane vehicle auctions and has been an innovator in both digital and mobile auction platforms. Manheim registers nearly 8 million used vehicles annually, facilitating transactions representing more than $50 billion in value. Manheim's research and consulting arm, Manheim Consulting, provides industry-leading market intelligence and publishes the widely recognized annual Used Car Market Report. The company offers dealer financing through NextGear Capital, Inc., and transportation services through Ready Auto Transport.
Headquartered in Atlanta, Manheim has more than 20,000 employees in 107 worldwide sites and generates annual revenues of more than $2.5 billion. A subsidiary of Cox Enterprises, Manheim participates in "Go Green with Manheim," the company's sustainability program.
CONTACT: Lois Rossi
Sr. Director, Corporate Communications
Aug. 25, 2016 12:30 AM EDT Reads: 2,018
Aug. 25, 2016 12:00 AM EDT Reads: 2,948
Aug. 24, 2016 10:30 PM EDT Reads: 1,445
Aug. 24, 2016 10:30 PM EDT Reads: 2,008
Aug. 24, 2016 09:30 PM EDT Reads: 317
Aug. 24, 2016 09:15 PM EDT Reads: 1,660
Aug. 24, 2016 04:45 PM EDT Reads: 1,300
Aug. 24, 2016 04:15 PM EDT Reads: 344
Aug. 24, 2016 04:15 PM EDT Reads: 475
Aug. 24, 2016 04:15 PM EDT Reads: 2,553
Aug. 24, 2016 04:10 PM EDT Reads: 295
Aug. 24, 2016 03:15 PM EDT Reads: 411
Aug. 24, 2016 02:15 PM EDT Reads: 1,438
SYS-CON Events announced today that StarNet Communications will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. StarNet Communications’ FastX is the industry first cloud-based remote X Windows emulator. Using standard Web browsers (FireFox, Chrome, Safari, etc.) users from around the world gain highly secure access to applications and data hosted on Linux-based servers in a central data center. ...
Aug. 24, 2016 02:00 PM EDT Reads: 480
Aug. 24, 2016 02:00 PM EDT Reads: 1,838