The Manheim Used Vehicle Value Index reached a record high for the fourth consecutive month in August.
Wholesale used vehicle prices (on a mix-, mileage-, and seasonally adjusted basis) increased 0.75 percent month-over-month in August and 3.4 percent year-over-year. This brought the index to 131.3.
On a year-over-year basis, the mid-sized car category saw the largest decline (down 0.2 percent) in August, while pickups and vans saw gains greater than the overall market. Other car segments like compacts and luxury saw gains in August too.
The average price for rental risk units sold at auction in August was up 1 percent year-over-year, which was the first year-over-year increase since July 2016. Rental risk prices were up 3 percent compared to July.
Average mileage for rental risk units in August (at 41,700 miles) was 2 percent above a year ago.
Sonic Automotive Inc. reported record fourth-quarter pre-owned unit sales and gross profit.
The chain's stores sold 29,621 used units in the fourth quarter for a gross profit of $41.5 million.
Sonic also reported that several of the original EchoPark stores in Denver were cash flow positive in the fourth quarter at the store operating level. The first of these used-car stores that has been open the longest was profitable for the year.
Sonic has an additional store opening in Colorado Springs in the second quarter that will bring its store count total in Colorado to six. The next market will be San Antonio, where Sonic anticipates openings of at least three new locations in late 2017.
Sonic plans this aggressive expansion despite projecting a loss related to EchoPark for 2017.
In 2016, Toyota achieved another record year of North American vehicle production with 2,124,608 vehicles built at its North American vehicle assembly plants. Production volume was up 4.4 percent over the previous year total of 2,035,028 vehicles.
Toyota's total vehicle production in North America since 1986 has reached more than 30 million. Key drivers of last year's increased production include low fuel prices, continued stability in the overall economy and strong customer demand for trucks and SUVs.
Sonic Automotive Inc. set an all-time record for quarterly used retail unit sales of 30,933, up 1.5 percent over the prior year quarter.
Sonic also announced the expansion of its EchoPark used-car superstores is continuing with two new stores operating during the third quarter. The company reported that the original three stores generated positive cash during the third quarter.
The sixth Colorado store, located in Colorado Springs, will open during the first half of 2017. In addition, Sonic will break ground on its first Texas location in the first half of 2017.