The Body Shop Repair Decline of 2020 State-mandated stay-at-home orders and employees working from home during the pandemic significantly decreased the number of vehicles on the road, resulting in fewer accidents and body shop repairs. Rate of decline in repairable appraisal counts, excluding comprehensive losses, by quarter: Q1 Q2
Automotive Market Guide for February 2021 The wholesale price index continues to get stronger in what is beginning to look like an early start to the Spring market. The largest increases were in the Auto segments, but the bulk of the Truck segments also saw week–over–week increases. This Week Last Week 2017-2019 Average
New Vehicle Inventory and Day Supply – January 2021 The current new vehicle inventory stands at 3 million for 1st time since May, marking weak demand for vehicles in 2021. Read moreWorst Cars 2015 – Cost of OwnershipInventory – U.S. car and light-truck, on January 1, 2021. Days supply: Number
Recap of Auto industry-related headlines over the last week: Wholesale prices continued their decline last week, for the fourteenth week in a row. Average retail listing prices of available inventory have been essentially flat over the last two months, but overall pricing began to show signs of softening over the last three weeks. Full-Size Truck retail prices have
Article: The Collision Shop Sales Slump of 2020 (PDF) The Collision Shop and Car Dealer Service Department Financial Report for The First Half of 2020 Reveals The Following: 126 Million Repair orders written $51 Billion in Sales, compared to $64 Billion in Sales in 2019 A decline in all segments
Auction data reflects a brief pandemic-induced fall, then a sharp increase in prices this summer and autumn. Cars are supposed to depreciate over time, this pandemic has made an exception to this rule. Supply / Demand Imbalance Read moreWorst Cars 2015 – Cost of OwnershipWeak Supply and Shortages Factories shut down
What is Negative Equity when it comes to an Auto Loan?
Negative Equity also called “Upside down”, is a situation that occurs when a consumer owes more on his vehicle’s loan than the vehicle is worth.
Example:
2018 Honda Accord
Actual Cash Value = $18,500
Balance Owed on Loan = $21,000
Equity = – $2,500 (Negative)
The average negative equity on vehicle trades has been rising steadily for years, reaching a record high in April 2020 at $5,035. This is due in-part to very long finance terms (60 month, 72 months and 84 months).
Negative Equity Comparison 2019 V 2020
The table below shows the average negative equity amount as recorded by dealers at the time of trade-in.
Top 5 reasons why people take their vehicles to a dealership express service for basic maintenance Trust dealership-trained technicians, 44% The dealership is near where I work or live, 30% The price is reasonable, 11% I want parts made specifically for my vehicle, 8% I can make an appointment, 7%
2021 Models Cash Rebate Financing Special Rates Ford EcoSport $ 2,500.00 0 to 8.9% F-150 $ 1,500.00 0 to 8.9% Bronco Sport, Expedition 0 to 8.9% Expedition Max, Explorer 0 to 8.9% Mustang Mach E 0 to 8.9% Lincoln Aviator, Corsair 1.9% to 5.9%
Top 5 Cars Sold in California in 2019 The Tesla Model 3 is the #1 bestselling electric vehicle in California, but it’s also right behind the Toyota Camry on the list of top 5 cars sold overall. Top 5 Makes and Models Sold in California in 2019 Rank Make Model
Auction Retention Index – ARI The Auction Retention Index is a good indicator of market stability. Theoretical retention is at or around 100%, but with market turbulence, this index can greatly fluctuate. Read moreClaims Recovered this week! 8/14/11If the index is under 100%, wholesale inventory is being transacted below the
Automotive Market Insights September 2020 Wholesale prices showed declines with the overall average market experiencing a negative adjustment. Full-Size Trucks continued to see strong prices for a 17th week in a row. Overall wholesale sold volume was below 2019 levels, but the performance of different channels varied with some overperforming versus the previous year. Retail listing prices increased again, currently
Wholesale Used Car Prices Hit Plateau in August Wholesale used-vehicle prices soared back this summer after dropping in April following the start of the pandemic. However, signs of this price increase slowing down are starting to appear. Read moreWorst Cars 2015 – Cost of OwnershipPre-COVID levels (Benchmark) Retail used-vehicle prices
Auction Vehicle Inventory Statistics August 2020 There are currently 127,310 vehicles offered for sale on by Manheim dealer auctions in the US. Read moreUS Sales Per Franchised Dealer – Oct 2018Auction Inventory by Vehicle Type Truck 14,747 SUV 49,423 Car 56,999 Van 6,141 Total 127,310
New Vehicle Sales Projections 2020-2024 Car sales in the United States could range between 10.2 and 12.7 million units in 2020. The car industry was expected to sell about 16.9 million vehicles before COVID but the market outlook has worsened. In 2019, 17 million new cars were sold in the
U.S. light-vehicle sales by nameplate, 6 month comparison of 2019 versus 2020 Percent Drop in New Car Sales First 6 Months 2019 v 2020 (PDF) Chrysler tops the list with a 50% decline in sales. New-vehicle sales in U.S. plummet 34% in Q2 of 2020. Some segments fared better than
Auto Market Report – June 2020 A look at Used Wholesale Price and Used Vehicle Supply Projections Auction Sales Volume and Sales Rates Segment Highlight – Compact Crossover / SUV Volume-weighted, overall car segment values increased 1.54% this past week. All car segments experienced increases, with the most notable increase
Fiat-Chrysler merges with Peugeot projects a 7.9 Million Cars Sold per year This mega-merger between Fiat Chrysler Automobiles (FCA) and Peugeot (PSA) will create the world’s fourth largest automaker after VW, Toyota and Renault-Nissan. Read moreWorst Cars 2015 – Cost of OwnershipFiat Chrysler, the group behind popular brands such as
Traffic vs Accident Reduction 2020 Less cars on road = a lot less accidents. Vehicle miles traveled nationwide was down 41% in April and projections show up to a 9.4% decrease in 2020. Read moreWorst Cars 2015 – Cost of OwnershipDue to reduced traffic on roads, accidents have dramatically fallen.
The Rise of Contactless Car Shopping in the Wake of Covid Consumers are warming up to the idea of digital retailing as more car dealerships take the car-buying process online during the covid19 pandemic. And customers increasingly say they’d like to handle certain parts of the transaction virtually instead of
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