July 21, 2014
ON THE WEB: Auction Buyers Want Vehicles with Titles
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Tribal Settlement Spurs Auto Sales
Manheim found in a recent study that the presence of a physical title at the time of sale can potentially double vehicle conversion rates. The research also revealed that vehicles with same-day titles contribute to slightly higher online sales via Simulcast and OVE.com.
Car Prices Low in East
CarGurus’ Regional Used Car Price Study finds that the most affordable cities to buy a car are Miami, Cleveland, New York City, and Stamford, Conn. The most expensive cities for used car shopping trended westward, including Fresno, Calif., Seattle, and El Paso, Texas.
Regulations Top Taxes As Business Concern
The friendliness of professional licensing requirements was the most important regulatory issue in determining a state’s overall friendliness to small businesses, according to a recent study by staffing service Thumbtack.
Rush - Dated Material
Photo by The Associated Press WINDFALL: Nicole Goggles smiles after putting down a deposit on a car in Lander, Wyo. Members of the Northern Arapaho tribe began receiving checks for $6,300 from a $157 million federal settlement stemming from a 1970’s lawsuit concerning mineral rights on the Wind River Indian Reservation. By Jenny King
First it was October, then November, and then maybe December. Members of the Northern Arapaho and Eastern Shoshone tribes were expecting thousands of dollars from the federal government from a land trust settlement
dating from 2010. But the timing was uncertain. And that made it tricky for businesses like Fremont Buick Chevrolet GMC in Riverton, Wyo., to plan their inventories. No point in over-stocking the lot, but no one wanted to run short once the money and customers arrived.
Finally on April 23 registered members of the Arapaho tribe each received $6,300. Days later, qualifying Shoshone tribe members got $13,000 apiece, according to Kort Kinney, general sales manager at Fremont Chevrolet Buick GMC. Then, in spite of some
days with hard rain, came the shopping. The Fremont dealership was ready – or as ready as it could be. Kinney said he was somewhat surprised that used cars outsold new ones. “We had 60 to 70 additional used cars, many of Continued on page 15
Wholesale Prices Soften, But Remain Higher Than Last Year Wholesale prices in June fell more than usual for the sea- were up 0.6 percent month-over-month, though down 0.1 son, although they remain significantly above year-ago lev- percent year-over-year, reflecting volume pressure. els. Prices for fleet-lease consignors were down 3.9 percent According to ADESA Analytical Services’ monthly anal- sequentially and up 2.5 percent annually. ysis of Wholesale Used Vehicle Prices by Vehicle Model Dealer consignors saw a 2.3 percent average price deClass, wholesale used vehicle prices in June averaged crease versus May, and a 3.4 percent uptick versus June $10,004 - down 3.1 percent compared to May, and up 4.7 2013. percent relative to June 2013. The Manheim Used Vehicle Value Index Wholesale fell Prices declined on a month-over-month basis across vir- 0.6 percent in June after declining 0.2 percent in May. tually all model classes, with midsize SUVs being the hardOn a quarterly average basis, the second quarter was still est hit. 1 percent higher than the first quarter. And, on a year-overT:7.175” Prices for used vehicles remarketed by manufacturers year basis, the June Manheim Index was up 3.6 percent.
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AT4-700 (Used Car News)
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