By Jon LeSage, EdiÂtor, Used Car MarÂket Reports
Hereâ€™s my thoughts on sigÂnifÂiÂcant news of the past week and what it means:
- Edmunds.com joined a growÂing moveÂment in remarÂketÂing â€“ a used car listÂing serÂvice â€“ this week. It wasnâ€™t idenÂtiÂfied under the used car listÂing catÂeÂgoÂry, but it is one and joins ranks with Cars.com, CARFAX, AutoÂtradÂer, and TrueÂCar. DealÂer memÂbers in the Edmunds proÂgram can present their used vehiÂcle invenÂtoÂry to in-marÂket shopÂpers with a VehiÂcle ProÂtecÂtion Plan and a $200 gas card; both of these offerÂings are underÂwritÂten and adminÂisÂtered by Edmunds. It came out of a six-month test proÂgram in AriÂzona, FloriÂda, GeorÂgia, IlliÂnois, and NevaÂda; parÂticÂiÂpatÂing dealÂers found three times the engageÂment of Edmundâ€™s existÂing used car proÂgram. DealÂers who offered guarÂanÂteed lowÂest prices did the very best out of the parÂticÂiÂpatÂing dealÂers.
- GenÂerÂal Motors is conÂsolÂiÂdatÂing its remarÂketÂing orgaÂniÂzaÂtions . GM FinanÂcial will conÂtinÂue to sell vehiÂcles at ManÂheim, ADESA, and indeÂpenÂdent aucÂtions. GM dealÂers can access closed, open and open online sales; that includes 33 closed sales locaÂtions. GM FinanÂcial will also conÂtinÂue utiÂlizÂing its GMFDealerSource.com online chanÂnel. Here, GM dealÂers can track upcomÂing matuÂriÂties, get payÂoff quotes, ground returnÂing cars, and buy off-lease units.
- SecÂond quarÂter used vehiÂcle valÂues were in line with expecÂtaÂtions, accordÂing to Manheimâ€™s quarÂterÂly report. â€śWith pricÂing nearÂly idenÂtiÂcal to last year at this time, conÂsumers conÂtinÂue to see the valÂue in purÂchasÂing used vehiÂcles, which remain a profÂitable part of a dealerâ€™s busiÂness,â€ť said Manheimâ€™s Tom Webb. ComÂpact Car prices were down 7.2% in June relÂaÂtive from the preÂviÂous year, and once again conÂtinÂued to be the weakÂest segÂment. PickÂups and Vans held the top spot with pickÂups up 6.7% and vans up 2.7% on a year-over-year basis.