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Auctions Saw Volume Decline in 2009 |
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Sales of used vehicles totaled 8.9 million units worth $80.5 billion at National Auto Auction Association (NAAA) member auctions last year, according to the trade organization's 13th annual survey. Fleet/lease and repo vehicles represented the largest number of units sold at 47.3 percent, followed by dealer-consigned vehicles 39.3 percent, factory vehicles 10.3 percent and just 3 percent from other sources.
The survey found that while the number of vehicles entering auctions decreased by 14.5 percent to 14.6 million, the decline in the sale of used vehicles was significantly lower due to the largest conversion rate in the history of the survey. Sales of used vehicles totaled 8.9 million units worth $80.5 million down 5.9 percent and 3.1 percent, respectively since NAAA began the annual review in 1997.
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Social Media Promotion Ends |
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CarMax Inc. concluded its "Tweet Yourself to a New Ride" contest on the social networking site Twitter. The grand prize winner of $25,000 from CarMax is Stephanie Beck from Pensacola, Fla.
During the eight weeks of the contest, participants were encouraged to visit http://www.carmax.com/tweet to find the specific phrase to tweet. In addition to the grand prize, CarMax awarded gas cards valued at $250 each to eight separate randomly selected entries.
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Chain Reports Higher Revenues, Income |
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America's Car-Mart Inc. announced another quarter of strong returns.
For the three months ended Jan. 31, revenues increased to $83.8 million compared with $73.5 million in the same period of the prior year.
Income for the quarter was $6.3 million, versus $3.6 million in the same period last year. Retail unit sales increased 11.8 percent, with 7,824 vehicles sold in the current quarter, compared to 6,996 in the same period last year.
Same-store revenue increased 11 percent for the quarter.
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Certified Shopping Declines |
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AutoTrader.com reported that the used-car market continued to hold steady, as both demand and average asking prices climbed steadily throughout February. Demand for pick-up trucks and SUVs, most likely driven partially by the weather in February, was especially strong.
The biggest gainers in views were all among heavy-duty 2500-series pick-ups, including the Ford F-250, up 29 percent compared to February 2009, the Chevrolet Silverado 2500, up almost 28 percent from last February, and the Dodge Ram 2500, up 25 percent from last February.
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Recalls Hurt Internet Searches |
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Interest in several of the brand's popular models declined sharply in February on Cars.com amidst concerns about the Toyota recall.
According to the most recent Cars.com Consumer Search Index, which tracks the fluctuation of consumer contact with dealers originating from the site, 6 of the top 10 decreases were for Toyota models including Rav4, Corolla, Camry, Highlander, Prius and FJ Cruiser. GM rounded out the top ten decreases, with four models experiencing sharp declines in consumer interest - Sierra 1500, Corvette, Tahoe and Equinox.
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