Hurricane Sandy will take weeks to sort out in the storm-battered Eastern Seaboard. The destruction is likely to include thousands of vehicles damaged or destroyed by floodwater, and some will have to be scrapped. Many states, such as New York and New Jersey, have strict rules covering vehicles that have been totaled in accidents or floods.
The impact of Hurricane Sandy has the potential to alter the used-car landscape, especially throughout the northeast part of the US, says Ricky Beggs, senior analyst at Black Book. The hurricane may place more stress on used-vehicle supplies as consumers look to replace vehicles damaged in the storm. Dealers will have to get creative where […]
Matt Marks, the long-time Executive Director of the International Automotive Remarketers Alliance (IARA), died on Sunday, Oct. 28, from a heart attack. He was 70 years old, and is survived by his wife, Rita. In his role as executive director of the IARA, Marks was charged with ensuring the Alliance’s objectives were met, while taking […]
Jonathan Banks Executive Automotive Analyst NADA Used Car Guide Used market fundamentals remain favorable; Shift in preference toward new vehicle market mildly detrimental to used vehicle prices, but other positive factors — in addition to tight supply — will help support used prices and minimize value losses associated w/ emerging new vehicle preference. Click here […]
Art Spinella President CNW Research More than 3.49M used vehicles are likely to be sold in October, representing an 8.1% increase vs. same month year ago; Franchised dealers taking in boat-load of trade-ins and are on track to near-12% increase in used sales, pushing their year-to-date increase to 5%. Click here to read the October […]