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CarMax Grows in California

CarMax Grows in California Featured

CarMax Inc. is currently hiring more than 40 associates for the company's third store in the Bay Area of California.

The store, scheduled to open in November, will be located at 2783 Corby Ave., Santa Rosa, and will stock more than 300 used vehicles.

The Santa Rosa launch continues CarMax's expansion into the Bay Area and a third store, in Fremont, is also scheduled to open in November. CarMax opened its first store in the Bay Area in Pleasanton on May 18.

With the opening of these three stores, CarMax is adding more than 200 jobs to the Bay Area this year.

Last modified on Thursday, 01 September 2016 18:13
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  • Wholesale Prices Recover, But Pressure Remains

    Some bad numbers in February created a mild panic about wholesale values, but result since then show the major drop might have been a fluke.

    However, the downward trend remains unstoppable as off-lease volumes pour into the lanes.

    The Manheim Used Vehicle Value Index came in essentially flat in March, but chief economist Tom Webb said prices rose in the first 15 days of April.

    Other measures that showed that big fall off in February improved in March.

    The NADA Used Vehicle’s measure of values dropped 1.4 percent in February, a month prices usually improve.

    However, the NADA Index rose 1.6 percent in March.

    David von Paris, senior automotive analyst for J.D. Power Valuation Services said that “wasn’t quite as big as originally anticipated.”  However, “it was directionally right in line with the period’s 2.3 percent average over the previous three years.”

    Tax refunds drove these swings.

    Paris said the number of tax refunds issued improved significantly in March. However per the IRS, the total number issued through March 24 was still 3.4 percent lower than during the same period in 2016. While the total number of refunds was still down for the year, the amount issued improved by 7.6 percentage points compared to what was reported through February 24.

    Anil Goyal, senior vice president at Black Book, said the delay in refunds was made worse because many creditors were tightening at the same time.

    Tom Kontos, chief economist for KAR Auction Services Inc., also saw prices in March.

    According to ADESA Analytical Services’ monthly analysis of Wholesale Used Vehicle Prices by Vehicle Model Class, wholesale used vehicle prices in March averaged $10,904, up 2 percent compared to February and up 1 percent relative to March 2016.  All but one model class segment (compact pickups) showed month-over-month increases. 

    However, Kontos said the downward pressure remains too strong to keep prices from declining.

    “It’s best to brace for more softening,” he said.

    Still, the industry has held up fairly well, Webb said.

    “Although used vehicle values have declined in five of the last six months, it has not been the collapse that many analysts have warned of for more than a year due to increasing wholesale supplies,” he said.

  • State Suspends Dealer for Service Contract Issues

    The Michigan Secretary of State has suspended the license of a used-vehicle dealer after the dealer allegedly did not provide service contract protection that was purchased by customers.
    As a result of an investigation, department staff discovered that Northern Motors, LLC in Clare failed to forward funds provided by consumers for the purchase of extended service warranties. The dealership then failed to take the necessary steps to activate the warranties, leaving the customers without warranty protection in the event of a mechanical breakdown.
    A hearing will be scheduled at which Northern Motors will have the opportunity to contest the suspension. Additional administrative actions are also possible.

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    Howse brings more than 30 years of automotive industry leadership to the role, which will focus on developing customer solutions that integrate KAR's capabilities and businesses. Howse will report to Don Gottwald, chief operating officer for KAR.
    Prior to joining KAR, Howse served as senior vice president of marketing and business development at Volkswagen Credit, where he was previously the director of remarketing. He has also served in senior finance roles at GMAC and GE Capital and leadership positions with JD Power, Audi of America, Honda and General Motors.  

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