IARA Executive Director Mark Coleman announced today that IARA is updating its branding and will unveil the updates during IARA’s opening night Welcome Reception at the CAR Conference in Phoenix on March 26.
Signifying a renewed energy and focus, the IARA is updating its branding to include a simplified name, a streamlined logo, a refreshed Website and new website URL. The branding updates will be unveiled during IARA’s opening night Welcome Reception at the CAR Conference in Phoenix on March 26.
Coleman commented: “Our aim with this branding update is to honor IARA’s past, while signaling to the remarketing industry that we are an Alliance on the move.”
The updated branding will be rolled out throughout the summer with completion scheduled in time for IARA’s Summer Roundtable Aug. 20-22.
A key initiative led by IARA’s Director of Growth and Operations, Lauren Baker, the Alliance has also overhauled its website with simplified navigation and refreshed content for members, such as timely and topical podcasts, Webinars, and useful databases to drive member value. The Alliance has also rolled out the instant messaging platform, Slack, to its committees to facilitate rapid communication between committee members as they develop and deliver critical projects.
IARA President, Doug Turner, said: “For nearly 25 years, IARA has represented the voice of the consignor in the remarketing industry. Our refreshed brand positions us well to continue that tradition for the next 25 years and beyond.”
New-vehicle transaction prices in February 2024 held mostly steady, according to an analysis by Kelley Blue Book, falling less than one-tenth of 1% from the revised January ATP. The average transaction price of a new vehicle in the U.S. last month was $47,244, down 2.2% from February 2023 and down 5.4% from the market peak in December 2022. Still, new-vehicle prices in the U.S. remain elevated, higher by nearly 14% compared to February 2021.
With new-vehicle inventory continuing to rise in the U.S., downward price pressure and higher incentives appear to be key drivers of the market’s current momentum. At the start of February, new-vehicle inventory in the U.S. stood near 2.61 million units, a 50% increase from one year earlier. Sales last month picked up from January and, with a seasonally adjusted annual rate (SAAR) of sales of 15.8 million, kept 2024 on track for the best new-vehicle sales year since 2019.
“While everyone may applaud that prices are coming down, even marginally for the moment, affordability is still challenging the market,” said Erin Keating, executive analyst for Cox Automotive. “Most shoppers have not seen their incomes increase as quickly as vehicle prices, so affording a new vehicle remains difficult. We should also note that despite rising inventory, which is good for consumers, the levels are muted, not alarming.”
New-vehicle incentives in February averaged 5.9% of transaction price, up from 5.7% in January and significantly higher than the average of 3.1% recorded in February one year ago. Incentives hit bottom in the fall of 2022 – 2.1% of ATP in September of that year – and, along with inventory, have increased steadily since.
Car-shopping marketplace and dealer reputation site Cars.com – home to more than 13 million dealership reviews — has unveiled the winners of its annual Dealer of the Year Awards (DOTY), presented annually to the top automotive dealers.
“Local dealerships are central to vehicle buying, and our DOTY Awards highlight the many local retailers who take pride in their reputation, striving each and every day to provide a five-star experience for their customers,” said Jamie Oldershaw, vice president of reputation at Cars.com. “A consumer submits a dealership review every 27 seconds on Cars.com, providing dealers with valuable real-time feedback and shoppers with firsthand information about a dealership’s customer experience.”
Award-winning dealers earned 21x more consumer reviews than non-winning dealers, highlighting the importance of online reputation and how it helps build long-term, trusted relationships between a customer and dealer. Year after year, high levels of responsiveness and individual dealership employee accountability are the most reliable predictors of dealer success in the DOTY Awards. Eighty percent of honorees respond to consumer reviews compared to only 41% of non-winning dealers, and about half respond to 90% or more of their reviews.
This year’s Cars.com Regional Dealer of the Year Award winners include
Regional Winners:
CarGurus released its U.S. 2024 February Intelligence Report. According to the findings, shopper demand was robust (used vehicle demand up 9.8% year-over-year/new car demand up nearly 15% YoY), signaling that the busy spring buying season is coming early this year, particularly in light of: growing inventory selection, prices declining, and the average tax return rising 4.3% (YoY) to $3,213.
February data shows that shoppers had access to the widest selection of new-car inventory in three years, up 65% YoY – the highest level since Jan. 2021. And in mid-February, used vehicle prices reached their lowest point since 2021. While the trend reversed before the end of the month, the average used car price was still down 4% YoY, validating CarGurus’ research that the best time to buy a used car is mid-February, when prices are low and selection remains high just before peak Spring season sets in.
According to Kevin Roberts, Director of Industry Insights and Analytics at CarGurus: “Tax season is bringing an early Spring to the new and used car market with February data showing strong consumer demand driven by increasing inventory, stabilizing prices, and a growing number of incentives for new cars, leases, and EVs. While those who bought a used car in mid-February snagged the lowest prices since 2021 before used prices increased again, shoppers should feel encouraged by the opportunity to secure a deal this season.”
As reconditioning operations continue to be one of the fastest growing areas at Manheim and within the auto industry, Cox Automotive will open its fifth Auto Tech Training Center (ATTC) later this year. The new center, which will be located in Chicago, joins four other training centers housed at Manheim locations in Southern California, Central Florida, New Jersey and Dallas. These ATTCs are equipped to support the increasing need for wholesale, retail, fleet and EV reconditioning services.
“Beyond getting vehicles ready for wholesale or retail sale, our high-quality ATTCs position us to support our clients as vehicle technologies become more sophisticated,” said Marty D’Amato, vice president of Reconditioning at Manheim. “Working with Cox Automotive Mobility on innovations such as Advanced Driver Assistance Systems (ADAS), as well as supporting EVs, our expert teams are preparing to service the vehicle needs of today and tomorrow.”
Manheim reconditions more than 3.5 million vehicles each year across nearly all its locations.
The ATTCs complement Manheim’s existing apprentice program for technicians by making room to scale the program and increase participation. At the helm of the ATTC endeavor is Manny Mendivil, a world-class trainer who holds 24 ASE certifications, including Master Automobile and Heavy-Duty Truck. He also specializes in electrical and drivability diagnostics.
“Our goal is to go beyond simply training technicians to creating a learning environment that provides them with industry-leading equipment, a curriculum to continually advance in their careers and competitive benefits,” Mendivil said.
In addition to training, Manheim also offers competitive benefits for technicians, including signing bonuses, competitive pay, up to $1,500 in free tools for new hires and complimentary ASE training and certification.
“Our goal is to bring the highest quality reconditioning talent and services to our clients and the industry while planning for the future,” added Grace Huang, president of Cox Automotive Inventory Solutions.