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used car news

Senior Reporter @NewsPlus

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Prices of wholesale used vehicles up to eight years in age fell by 1.5 percent in April, a figure directionally in line with J.D. Power Valuation Services’ expectations for the month.
April’s performance was nearly identical to the period’s 1.4 percent decline recorded in 2016. Looking back over the past 3 years, April has averaged similar losses of around 1.2 percent.
As a result of the used market’s performance, J.D. Power Valuation Services’ seasonally adjusted used vehicle price index fell for the 10th straight month. In April, the index slipped 0.4 percent to 109.9, a figure 7.1 percent below April 2016 (118.3), marking the index’s lowest level since September 2010.

Monday, 22 May 2017 00:30

ADESA Names Dealer Sales Director

ADESA has expanded the company’s dealer sales and services reach into additional regions across the U.S.
As a result, Kathy Hopkins has been promoted to lead the team of regional dealer sales managers in the newly created position of director of dealer sales. Hopkins will ensure that auction sales personnel provide market expertise and meet customer needs with collaborative, creative solutions tailored to the client.
She reports to Steve Dudash, vice president of dealer sales and services for ADESA.
Hopkins has been a regional dealer sales manager overseeing the East region since 2015. Previously, she was assistant general manager/dealer sales manager at ADESA Indianapolis for nearly a decade. Hopkins also served as fleet-lease manager and commercial account manager at that auction location after starting her career there in 1998 as account coordinator.

Monday, 22 May 2017 00:30

Ally Partners with Online Seller

Ally will offer auto finance and insurance products for vehicles purchased through Tred, an online used vehicle marketplace.
Tred, which launched in 2012, connects buyers and sellers on its platform in order to facilitate simple, safe and efficient vehicle sales. Ally began accepting financing applications through Tred in April, and will begin offering vehicle service contracts and guaranteed asset protection (GAP) coverage this summer.

A federal district court judge in San Francisco signed a settlement negotiated by the Federal Trade Commission and private plaintiffs providing for consumer redress and starting the formal claims process for owners of Volkswagen, Audi, and Porsche 3.0 liter TDI diesel cars.
The FTC will monitor VW’s compliance with the settlement’s provisions, which include special protections for those serving in the armed forces and those consumers in rural areas who may be far from the nearest dealer.
As the Federal Trade Commission first announced in February, consumers who bought 3.0 liter vehicles will receive up to $1.2 billion in compensation for Volkswagen’s misleading “clean diesel” claims, added to the more than $10 billion redress fund already created for 2.0 liter consumers. In all, consumers who bought affected “clean diesel” vehicles will receive up to $11.5 billion, and the court may hold Volkswagen in contempt if it makes deceptive environmental claims in the future.
Consumers can determine if they are eligible for compensation, and if so for how much, at VWCourtSettlement.com and AudiCourtSettlement.com. They can also use these websites to submit claims, make appointments, and receive updates.
These orders, along with those obtained by the Department of Justice and U.S. Environmental Protection Agency, conclude the litigation to the tremendous benefit of the American public. The FTC’s and private plaintiffs’ orders provide money to compensate vehicle owners whom VW allegedly defrauded, and protect the public from future violations, while the DOJ and EPA orders provide over $6 billion for environmental relief.

Friday, 19 May 2017 00:31

Car.com Names Most Searched Vehicles

Cars.com has released an analysis of site reviews, ranging from the most reviewed and most highly reviewed cars, to where in the U.S. consumers are most inclined to leave dealership reviews.
The top five most reviewed cars on Cars.com are:
   • Honda Accord
   • Honda Civic
   • Toyota Camry
   • Honda CR-V
   • Ford F-150
 
The top five highest-rated cars by Cars.com users are:
   • Chevrolet Corvette
   • Toyota 4Runner
   • Ford Mustang
   • Porsche 911
   • Mercedes-Benz S-Class
 
In addition to consumer reviews of individual vehicles, Cars.com helps consumers find the right dealership to do business with.
 
The top five states with the most Dealer Reviews on Cars.com are:
   • Florida – 365,000 dealer reviews
   • Texas – 255,000 dealer reviews
   • Nevada – 249,000 dealer reviews
   • California – 247,000 dealer reviews
   • New Jersey – 226,000 dealer reviews

Friday, 19 May 2017 00:31

Auction Expands Dealer Services

Dealers Auto Auction of the Southwest has announced the expansion of its industry- leading Diamond Dealer Digs.
This in-lane concierge lounge with a variety of dealer support and food amenities is being expanded by 40 percent to encompass 1,000 square feet of space.
The in-lane concierge style facility debuted last year with food service; simulcast feeds, TV, computer internet access and dedicated wifi with a direct view of the auction lanes.
The expanded version will be opened at a special sale event on June 7.

Friday, 19 May 2017 00:31

Wholesale Prices Rise

Average wholesale prices in April were up on both a month-over-month and year-over-year basis.  
According to ADESA Analytical Services’ monthly analysis of Wholesale Used Vehicle Prices by Vehicle Model Class, wholesale used vehicle prices in April averaged $11,141, up 2.2 percent compared to March and up 2.5 percent relative to April 2016.  Compact, mid-size and luxury cars all showed year-on-year price declines of 2 percent or more, while most of the truck segments registered significant year-over-year gains.
Average wholesale prices for used vehicles remarketed by manufacturers were up 2.5 percent month-over-month and up 3.7 percent year-over-year.  Prices for fleet-lease consignors were up 1.5 percent month-over-month and up 3.7 percent year-over-year.
Average prices for dealer consignors were up 5.1 percent versus March and up 3.9 percent relative to April 2016.

Friday, 19 May 2017 00:31

Online Scammer Poses as Dealer

A Texas car dealership is the victim of an imposter scam that targeted Canadian consumers looking to buy luxury vehicles.
The Better Business Bureau received a tip in February from a Canadian consumer who said a con artist had set up a fake website using a Waco store’s name and was scamming Canadians out of thousands of dollars by promising the sale and delivery of luxury vehicles. According to the tipster, who wished to remain anonymous, he was lured into the scam when he answered an ad selling a 2013 Mercedes Benz on the autotrader.ca website.
As a result, BBB contacted Hillside Auto Sales Inc. and spoke to owner Toby Hill. Hill told BBB he too had received several calls from Canadian consumers.
According to the tipster and Hill, the man posing as Hillside Auto Sales goes by the name of Henry Lopez. BBB asked Hill if his company employed anyone with that name, and Hill said they did not.
Hill also confirmed his dealership does not sell any high-end vehicles.
The tipster told BBB after answering the ad online, Lopez emailed him, claiming to be the dealership’s manager. The email directed the tipster to wire more than $30,000, and the Mercedes would be delivered.
BBB also received two complaints from consumers in Canada alleging similar stories.

Two more people have died following a crash at Lynnway Auto Auction as details emerge about the driver involved.

Ruben Espaillat died May 13 at Lahey Hospital. Elliott Rowlands Jr., died May 10 at Lahey.

Three people - Brenda Lopez, and Pantaleon Santos and Leezandra Aponte - died at the scene.

The accident occurred May 3 during a weekly sale when a 76-year-old auction employee accelerated a 2006 Jeep he was driving through the cinder block wall of the arena, striking multiple individuals.

More details are coming out about the driver, including that his license had been suspended and he has had numerous driving issues.

In addition to those killed, four people were hospitalized and three were transported to area hospitals, treated and released.

Lynnway owner Jim Lamb said he learned the driver’s license was suspended when police told him after the crash.

Lamb said the driver presented a valid license when he was hired in 2010.

"As he had no issues while driving for Lynnway for the past seven years, we were surprised and upset to learn of this development," Lamb said. "We hold our drivers to a high standard. If a driver loses the ability to drive in Massachusetts for any reason, we would expect them to inform us and we would not allow them to drive on our property unless they hold a valid driver's license."

According to press reports, the driver had seven accidents dating back to 1987 and his license was suspended at least four other times.

The driver told a local television station that the Jeep he was driving suddenly accelerated.

An investigation continues, with the Middlesex District Attorney's Office, the Billerica Police Department and the Massachusetts State Police CARS unit involved.

The Massachusetts Independent Auto Dealers Association will be collecting donations on behalf of all the families involved in the accident. So far, the group has raised $22,275 with a goal of $100,000. Donors include several auctions, auction personnel and NextGear Capital.

In addition, the National Auto Auction Association donated $25,000.

Wednesday, 17 May 2017 19:48

Black Book Updates Valuation Tool

Black Book introduced its next generation ValuEngine platform with a new web interface. ValuEngine is a real-time collateral valuation tool allowing automotive industry professionals, lenders, OEMs, and dealers the ability to value their entire portfolio through a secure, on-demand, self-service platform.
ValuEngine values a portfolio’s historical, current and projected residual values on any collateral, down to the specific trim level. By utilizing ValuEngine, users can improve loss forecasting while also identifying delinquencies for a more precise collections strategy, aiding in risk analysis.

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