Acquisitions and improved new-vehicle availability helped Keating Auto Group’s new-vehicle sales soar 19 percent in 2022 — sending it 13 spots up Automotive News‘ latest list of the top 150 dealership groups based in the U.S. Keating Auto, of Victoria, Texas, bought seven dealerships in late 2021, all in Texas, and Ben Keating, the group’s
Sales of certified used vehicles in the U.S. fell in 2022 to their lowest level in eight years as dealers grappled with a stunted supply of certifiable used vehicles returning to market and some customers switched back to purchasing new vehicles as production improved. Last year, sales of certified pre-owned vehicles dropped to 2.49 million,
As dealers buckle down on their used-vehicle acquisition practices in 2023 in the face of shifting demand and declining profitability, leaders of online wholesale auction companies sense a ripe opportunity to nab more of their business. Online auction platforms have enjoyed more name recognition and growing usage in recent years, especially since the coronavirus pandemic.
Online used-vehicle retailer Carvana Co. closed out a difficult 2022 by further pulling back on growth endeavors, choosing instead to prioritize cost cuts and trimming inventory, as it continues to work to bolster profits. That cost-cutting, coupled with weaker used-vehicle market conditions in the fourth quarter, led the retailer to post results that fell short
Wholesale used-vehicle price depreciation has made a comeback, and prices are on track to keep softening this year. “We think 2023 will be interesting,” said Jonathan Banks, vice president of used-vehicle valuations at J.D. Power. Banks presented his used-vehicle outlook for the year Thursday at the J.D. Power Auto Summit in Dallas. “Obviously, a lot
Dealers are wary about their used-vehicle prospects in 2023 after worsening market conditions led used-vehicle sales to tumble last year. But while used-vehicle sales are expected to drop again this year, dealers and used-vehicle experts don’t expect the hit to consumer demand and profits will be severe in early 2023. Shoring up that viewpoint: Wholesale
Dealers are increasingly worried about the economy and the possibility of recession even as improving inventory levels have them more optimistic about the new-vehicle business in 2023. Dealership executives who answered Automotive News’ 2023 Dealer Outlook Survey say economic conditions that took root in the last year have caused their concerns about maintaining profits to
A Carvana Co. outlet in Michigan agreed to surrender its dealer license in lieu of further administrative action by state regulators, who in October suspended that license over titling, registration and odometer issues they found to be in violation of the Michigan Vehicle Code. Carvana agreed Tuesday that the location in question — in Novi,
What they are: Two closely followed indicators of wholesale used-vehicle prices that are published monthly and semimonthly. Both indices track year-over-year and month-over-month fluctuations in wholesale prices. Where they come from: Manheim’s index is a measurement of wholesale used-vehicle prices it puts together by tracking vehicles sold at its U.S. auctions and applying statistical analysis
Mounting financial losses, a plunging stock price, nervous creditors and regulatory roadblocks in several states have online used-car giant Carvana Co. on the ropes as it enters 2023 with used-market conditions in decline and facing doubts about its ability to survive without major restructuring. Carvana must tread carefully in the early months of 2023 as
