1-800-554-1026 September 7, 2015
ON THE WEB: Used Car Prices Rise Due to CPO Demand
The average used car sold in the U.S. is getting younger and pricier, according to the latest Used Vehicle Market Report from Edmunds.com. According to the report, the trends suggest a shifting tide in used car inventories, which are skewing more toward newer off-lease vehicles and certified pre-owned programs.
Credit Unions See More Growth in Auto
Auto loans rank at the top of the list for credit union executives in terms of loan growth, focus and opportunity over the next 12 months, according to TransUnion.
Increasing Supply Drives Depreciation
Overall vehicle depreciation is expected to reach between 14-14.5 percent by the end of 2015, and the main factor driving depreciation rates will be rising used vehicle supply, varying by vehicle segments, according to Black Book and Fitch Ratings.
Rush - Dated Material
www.usedcarnews.com
IARA Salutes One of Its Founders By Jeffrey Bellant
FORT WORTH, Texas – The International Automotive Remarketers Alliance honored veteran remarketer and group founder Dave Langley with a special achievement award during an annual roundtable meeting here last month. “Dave Langley has had a truly distinguished remarketing career and has contributed greatly to this industry,” said Kia Motors’ Dave Alfonso, who presented the award to Langley during the event’s luncheon. Langley started his career as an office manager at a Volkswagen dealership, leading to a successful 18year career at Volkswagen of America corporate, eventually becoming national fleet accounts manager in 1988. “From that position, Dave established Volkswagen’s first repurchase program,” Alfonso said. Langley was later recruited by American Honda Finance Corp. for their national finance manager post to take control of their offlease vehicles. Continued on page 6
Photo by Jeffrey Bellant HONOR: Dave Langley, left, accepts the IARA’s special achievement award from Dave Alfonso.
America’s Car-Mart Moves Ahead Despite Recent Struggles America’s Car-Mart reported disappointing results in its latest quarter. The Arkansas-based buy-here, pay-here chain reported net income of $4.6 million for the quarter ended July 31. This is down from $7.2 million in the prior quarter and $7.3 million in the same period a year ago. Car-Mart executives cited a “competitive environment” as the main challenge to the company. The lower earnings come despite higher revenues and sales. Revenues for the quarter were $143 million compared to $127 million for the prior year quarter with same-store rev-
01_UCN.indd 1
enue increasing by 8.9 percent. Retail unit sales increased 12,244 from 11,482 for the prior year quarter. Average retail sales price increased $501 to $9,965 from the prior year quarter. Car-Mart continues to move forward with its expansion plans. The chain recently opened new stores in Albany, Ga. and Rolla, Mo. These are the company’s 142nd and 143rd stores, respectively. The Rolla store is Car-Mart’s 19th location in Missouri. The Albany store is the 7th Georgia location.
8/31/15 5:13 PM