Car Culture

Car Culture

Six of Carvana’s Top 10 mid-year best sellers were sedans, signaling that affordability and accessibility are critically important to customers when shopping the used vehicle market.

Of the tens of thousands of vehicle purchases customers made on Carvana.com so far this year, the 2023 Mid-Year List of the Top 10 best-sellers in order of units sold follows:

  • Honda Civic
  • Chevrolet Equinox
  • Nissan Altima
  • Toyota Corolla
  • Hyundai Elantra
  • Ford Mustang
  • Nissan Rogue
  • Jeep Cherokee
  • Toyota Camry
  • Honda Accord

“Our 2023 mid-year sales data suggests that consumers shopping on Carvana.com are looking for efficient, cost-effective, and reliable options,” says Brian Boyd, senior vice president of inventory at Carvana. “Over half of our mid-year list consists of sedans, which clearly indicates to us what our customers are looking for, but also helps to set Carvana apart in what we offer regarding vehicle accessibility.”

Holman, a global automotive and fleet services company, has appointed Chris Conroy as its new CEO, while Carl Ortell will take on a new role as vice chair of the Holman Board.

Ortell, along with Mindy Holman and the entire Board of Directors, will continue to shape the organization’s strategic vision, supporting Conroy and his executive leadership team as the company prepares to embark on its second century in business.

“For the last eight years, it has been my distinct honor and privilege to serve as the CEO of Holman, guiding this extraordinary organization along an incredible journey, and together, achieving many truly remarkable accomplishments,” said Carl Ortell in a news release. “As President and COO, Chris demonstrated a profound understanding of the evolving needs of our various customers as well as the opportunities — and challenges — on the horizon for our business. This keen business acumen along with his innate ability to inspire those around him will be invaluable to our business as we begin the next chapter of the Holman story.”

Throughout his nearly 30-year career with Holman, Conroy has held a number of senior leadership roles across the organization, most recently serving as president and chief operating officer.

In his new role as CEO, Conroy will look to build upon and strengthen the company’s services, forge new growth opportunities, lead innovative automotive and mobility solutions for Holman’s customers, and continue to the company’s efforts to provide a rewarding career and a better life for every employee and their family.

“As Carl transitions to his new role and with Chris at the helm as CEO, our organization is incredibly well positioned to continue driving what’s right,” said Mindy Holman, Chair of the Holman Board.

Conroy and Ortell will work closely together for the rest of 2023 to complete the CEO transition process by the start of next year.

More than 100 cool and eclectic vehicles have been curated by Klairmont Kollections Auto Museum for the inaugural “Retro Rides” held July 28-30 at Navy Pier’s Festival Hall in Chicago. Visitors can take part in automotive history, iconic cars and engineering marvels while listening to a variety of local DJs and enjoying food and fun.  

Klairmont Kollections Automotive Museum showcases some of the most stunning, historically innovative, and unique vehicles produced. Retro Rides features:  

  • 1950s American Classics & Micro-cars   
  • A Swarovski crystal-covered Rolls Royce   
  • One-of-a-kind vehicles like a nickel and gold leaf 1918 Pierce Arrow  

“Retro Rides” provides an opportunity for all of Chicago to experience vehicles that have been staples in pop culture and innovative, futuristic technology that have changed America,” said Navy Pier President and CEO Marilynn Gardner. “These vehicles are symbols of personal freedom, art, and science. I hope that children and all guests are inspired by this collection of classics.”

The specs of Chevy’s handful of final edition Cameros have been released. The iconic muscle car design team did not disappoint with a spectacular color scheme and flashy body panels. The color, Panther Black Metallic Tintcoat, is being paired with Satin Black accent stripes and Satin Black Forged Wheels. These touches will be available in LT/RS, LT1, and SS trims. A limited run of 350 ZL1 Collector's Edition units will be offered as well. Chevrolet is also getting rid of  the 275-hp, 2.0-liter turbocharged inline four-cylinder powerplant engine. The Collector's Edition will come in either a 3.6-liter V6 or a V8 (if one is available), raising the base price of a Camaro to $32,495.

All models will sport a unique front fender script badging that integrates a panther into the "R" and a panther on the steering wheel badge. "We found it fitting for this Collector's Edition Camaro to officially recognize the significance of the original code name and share it with Camaro enthusiasts," said Rich Scheer, design director of Chevrolet Performance. "Of course, the name 'Panther' influenced the colors used—Panther Black Metallic for SS and Panther Matte Black for ZL1." Two commemorative posters and custom floor mats will also be included.

There is wide speculation about the Camero’s future beyond racing. “While we are not announcing an immediate successor today, rest assured, this is not the end of Camaro's story," said Chevrolet Global Vice President Scott Bell. 

 

In celebration of Hot Rod Magazine's 75th anniversary, The Hot Rod Power Tour Driven By Continental Tire will be heading southeast to Georgia, the Carolinas, and Tennessee visiting five cities over five days in June. More than 6,000 cars and trucks of all years, makes, and models will be on display for tens of thousands of automotive enthusiasts. The tour will feature over 1,000 miles of driving, with high-octane events such as drag racing, autocross and live entertainment. Spectator tickets are free at each tour stop with online RSVP.

2023 HOT ROD Power Tour Locations:

  • Day 1: Monday, June 12 – Atlanta Motor Speedway, Hampton, Ga.
  • Day 2: Tuesday, June 13 – South Carolina State Fairgrounds, Columbia, S.C.
  • Day 3: Wednesday, June 14 – Rockingham Speedway, Rockingham, N.C.
  • Day 4: Thursday, June 15 -- zMAX Dragway, Concord, N.C.
  • Day 5: Friday, June 16 – Bristol Motor Speedway, Bristol, Tenn.

Steven J. Pully has been appointed to the Board of Directors of RumbleOn Inc., a technology-based powersports platform, effective May 11. Pully has served on over 35 boards over the course of his career across a wide range of industries, including retail, entertainment, manufacturing, technology, and energy and power.

Pully’s appointment follows a number of corporate governance enhancements recently implemented by the RumbleOn Board to bolster its diversity and expertise. He replaces Peter Levy, who recently resigned from the board. Pully will serve on the Audit Committee of the Board.

Pully is a Founding Partner of Speyside Partners, a Dallas-based investment banking and restructuring advisory firm, the part-time Chief Executive Officer and Chairman of Harvest Oil & Gas, and Chairman of EverView. Pully is also a licensed attorney and Certified Public Accountant in the state of Texas and is a CFA Charterholder.

“I’m excited to join such a fast-growing and innovative company and to help RumbleOn expand its business and unlock even greater value through the successful execution of its strategy,” Pully said.

In the week ending May 6, the U.S. Department of Labor reported the advance figure for seasonally adjusted initial claims was 264,000, an increase of 22,000 from the previous week’s unrevised level of 242,000. This is the highest level for initial claims since October 30, 2021, when it was 264,000. The 4-week moving average was 245,250, an increase of 6,000 from the previous week’s unrevised average of 239,250. This is the highest level for this average since November 20, 2021, when it was 249,250. The advance seasonally adjusted insured unemployment rate was 1.2 percent for the week ending April 29, unchanged from the previous week’s unrevised rate. The advance number for seasonally adjusted insured unemployment during the week ending April 29 was 1,813,000, an increase of 12,000 from the previous week’s revised level. The previous week’s level was revised down by 4,000 from 1,805,000 to 1,801,000. The 4-week moving average was 1,829,500, an increase of 2,250 from the previous week’s revised average. The previous week’s average was revised down by 1,000 from 1,828,250 to 1,827,250.

Bankruptcy filings rose slightly for the 12-month period ending March 31, 2023, but new bankruptcy cases remain sharply lower than before the start of the COVID-19 pandemic.

According to statistics released by the Administrative Office of the U.S. Courts, total filings rose 2.0 percent, to 403,273 new cases, compared with 395,373 cases in the previous year.

Business filings increased 9.9 percent, from 13,160 in March 2022 to 14,467 in the newest report. Non-business filings rose 1.7 percent, from 382,213 in March 2022 to 388,806 in March 2023.

This year’s 12-month filing total for the quarter ending March 31 is slightly more than half of the total reported in March 2020, when the pandemic disrupted the U.S. economy. That year’s 12-month total was 764,282.

TopMark Funding, a funding destination for commercial vehicles, opens 2023 with strong originations in the first quarter. The company set its all-time record for funded transactions in March 2023. This contributed to a 22% increase in funded transactions in Q1 FY23 when compared to Q1 FY22.

TopMark Funding, LLC is a funding partner for dealerships.

The increase in funded transactions is both the result of last year’s focus on growing valuable relationships with dealers by offering attractive solutions for their wide range of client needs and growing the salesforce through the addition of senior finance professionals, the company reported. TopMark continues to build by investing in technology and senior commercial vehicle specialists to fund more transactions. TopMark’s investment has decreased the average approval-to-funding time by more than 20% year over year.

In Q1 2023, TopMark Funding opened its second West Coast office located in Long Beach, Calif.

Personal income increased $67.9 billion (0.3%) in March, according to estimates released w2aqwsqby the Bureau of Economic Analysis. Disposable personal income (DPI) increased $71.7 billion (0.4%) and personal consumption expenditures (PCE) increased $8.2 billion (less than 0.1%).

The PCE price index increased 0.1 percent. Excluding food and energy, the PCE price index increased 0.3%. Real DPI increased 0.3% in March and Real PCE decreased less than 0.1%; goods decreased 0.4% and services increased 0.1%

The increase in current-dollar personal income in March primarily reflected increases in compensation, personal income receipts on assets, and rental income of persons that were partly offset by decreases in proprietors’ income and personal current transfer receipts. The increase in compensation was led by private wages and salaries=-.