When gas prices hit $4.00 per gallon, consumers began to shed their large pickups and SUVs. Resale values began to drop like a stone. Used truck values may have hit the bottom in December 2008. Since then resale values have been making a steady recovery ahead of the used vehicle market as a whole.
Lithia Motors reported a mild profit for first quarter 2009 despite a drop in used-car sales and slower service work. The company expects to accelerate its cost-reduction program and strengthen its balance sheet.
OPENLANE announced Tuesday that during the first quarter the company set records for both monthly and quarterly sales, while also establishing new weekly and daily sales highs. OPENLANE suggested that these first-quarter records indicate a stronger used-car market, and that North American dealers and consignors are increasingly using online remarketing to move vehicles.
Tough times often result in personnel cutbacks, so dealers and fleets look for ways to simplify if not automate shop procedures. Technology and electronics play a major role in this trend. From invoicing to checking brakes, machines are helping fill the void when people leave.
New NHTSA regulations will double the roof-strength requirements for light vehicles that weigh up to 6,000 pounds. The new standard specifies that the roof must withstand a force equal to three times the vehicle weight. Vehicles over 6,000 pounds have a 1.5-times weight requirement. The phase-in schedule begins September 2012.