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According to Black Book® data, used vehicles model years 2008-2012 overall depreciated -0.3% in March, showing continued strength in seasonal retention compared to the -1.1% rate in February. Domestic cars gained in value by +0.7%; import cars depreciated -0.6%; domestic trucks gained in value by +0.6%; and import trucks depreciated -0.8%. Average pre-recession depreciation is historically between -1% and -2% monthly, and Black Book expects overall 2014 depreciation of -13.5%.
Hello and welcome to this week’s edition of Beggs on the Used Car Market, with the latest vehicle valuation data from Ricky Beggs and Black Book. We trust you have had a good week on the retail lots, in the auction lanes and airwaves and within the finance offices.
For those of you who have commented over the past several weeks that you expect the market to…
Added by John Sternal on April 7, 2014 at 8:22am — No Comments
With reports of the “sellers are happy” and “it’s a sellers’ market”, the results of the weekly market changes were bound to show continued strength. The only question remaining was just how strong it would actually be after a full week of auction activity. Welcome back to this week’s Used Car Market Report with insights from Ricky Beggs from Black Book.
As I reviewed the…
Added by John Sternal on March 31, 2014 at 7:59am — No Comments
Hello and welcome to this week’s edition of Used Car Market from Black Book. And by springtime, not just because the calendar says we have reached that point in the year, but after talking with a couple of industry folks in Detroit, the DC area and even from two mid-west states, there was a freshness in their voices due to no…Continue
Added by Manny Luna on March 30, 2014 at 12:30am — No Comments
Hatchbacks are pretty versatile vehicles – they are affordable, you have relatively powerful options, they have decent mileage and they are great for getting around the city. It’s no wonder that they are a popular option amongst young people looking for the most bang for their buck and a way to keep future expenses to a minimum. There are plenty of choices, but there are some things you need to consider when looking a good, affordable hatchback that will suit your needs.…Continue
Added by Kerry Blake on March 27, 2014 at 5:00am — No Comments
Hello and welcome to this week’s edition of Beggs on the Used Car Market from Black Book. And by springtime, not just because the calendar says we have reached that point in the year, but after talking with a couple of industry folks in Detroit, the DC area and even from two mid-west states, there was a freshness in their voices due to no snow in the air or on the ground, with some sunny…Continue
Added by John Sternal on March 24, 2014 at 8:58am — No Comments
Swapalease.com, the nation’s largest car lease marketplace, reports lease credit approvals during the month of February were at 66.6%, down from the 70.5% level in January and 73.3% level in December of 2013. February’s rate was the lowest since September of 2013, when the marketplace saw just 62.9% approvals from credit applicants. So far in 2014 the credit approvals rate stands at 68.3%, close to the level Swapalease.com considers “healthy” at 70.0%. Over the last twelve months, the credit…Continue
Added by John Sternal on March 18, 2014 at 1:20pm — No Comments
How do women view their car lease experience? Swapalease.com wanted an inside look at how women drivers feel about leasing a vehicle, the shopping experience for a lease, and whether they would like to return to leasing in their next vehicle choice. Highlights from its latest report, "The State Of Women And Car Leasing" is below, and full results may be found on the …
Added by John Sternal on March 13, 2014 at 1:09pm — No Comments
Here is this week's Used Car Market Report from Ricky Beggs, Editorial Director of Black Book. Everywhere I turned this past week I was being told of 70% to 80% sales conversions definitely indicating a booming market. One buyer even said the opening bid was many times higher than his planned top bid. And the actual…Continue
Added by John Sternal on March 10, 2014 at 8:31am — No Comments
Here is this week's Used Car Market Report with analysis from Ricky Beggs and Black Book. Judging from the overall comments Black Book received this past week and the ultimate level of adjustments based on the auction results and…Continue
Added by John Sternal on March 3, 2014 at 9:02am — No Comments
Cars, dealerships and sales people can be commodities. As a sales person, your job is to move everything you do and everything you have towards being a non-commoditized item or service. You must sell your difference.
When making a decision, customers look for deciding factors. Being able to know what the differences are and then helping the customer know what they look like, sound like and feel like is your job. Customers don’t spend an hour with you and say, “This is exactly…Continue
Added by Mark Tewart on February 28, 2014 at 9:00am — No Comments
Reading between the lines of subprime lending to infer important data about used cars.
Moody analysts Jeff Hibbs, William Black, and Mack Caldwell, published a report in late 2013 that, "Auto lenders will continue their return to higher levels of risk-taking, a trend that…Continue
Added by Scott Parrott on February 28, 2014 at 8:43am — No Comments
Many sales people tend to always be chasing the next customer and worrying about the next paycheck. The good news is that this is unnecessary and can be fixed forever in two years or less. Sales people can eliminate future sales and income anxiety once and for all.
What’s the key to creating freedom? It’s marketing. If you are a sales person who is waiting for your business to provide an endless funnel of prospects and buyers, you are living in a fantasy land. Even with a ton…Continue
Added by Mark Tewart on February 27, 2014 at 9:00am — No Comments
There is a revelation that is shocking and, quite frankly, scary. A dangerous and potentially fatal mistake is being made everyday in businesses. The mistake is the confusion between strategy and tactics. Strategy is your overall goal for your business and your overall marketing philosophy to achieve those goals. Tactics are executable actions you take to achieve those options. The good news is that once you have clarity about your strategy, and then apply emotional direct response marketing…Continue
Added by Mark Tewart on February 26, 2014 at 9:00am — No Comments
Each year at the start of football practice, Vince Lombardi, the coach of the Green Bay Packers started his season the same way. His opening statement to his players was, “This is a football.” Every year, John Wooden, the legendary basketball coach of the UCLA Bruins started his first practice of the season by demonstrating to his players how to properly put on their socks to prevent blisters. Pretty basic stuff, huh?
Notice the similarities between Wooden and Lombardi in the…Continue
Added by Mark Tewart on February 25, 2014 at 9:00am — No Comments
Has the winter of 2014 altered what kind of vehicle choices are made by drivers? Swapalease.com, the nation’s largest car lease marketplace, reports a slight change in vehicle preferences this winter, with utility vehicles replacing certain car segments in many locations.
During the previous three winters, a mix of car segments and smaller utility vehicles carried a large percentage of lease…
Added by John Sternal on February 25, 2014 at 8:04am — No Comments
What is the plan at your dealership for training your team members? If it is what I have seen at most dealerships, it’s not enough. As a matter of fact, if you are operating at the industry standard, it’s embarrassing. Dealerships that struggle always have people who are not trained enough or trained properly.
In 2011, NADA stated that the average automobile dealership in the U.S. spent $654 per vehicle on advertising. How much per car was spent for training? I don’t know the…Continue
Added by Mark Tewart on February 24, 2014 at 9:00am — No Comments
Hello and welcome to this week’s edition of Beggs on the Used Car Market with data from Black Book. Thanks for tuning in this week and also for the comments we received over the past week about the market activity.…Continue
Added by John Sternal on February 24, 2014 at 8:45am — No Comments
Swapalease.com, the nation’s largest car lease marketplace, believes a growing number of U.S. leases are being taken over for the purpose of getting shipped overseas at the end of term, particularly as fewer lessees and dealers plan to keep the leases because of the changing equity position.
In several European markets, pent-up demand is pushing up local car sales. Exports of U.S. cars have been on the rise, with brands like Ford and Honda showing increasing exports recently. In…Continue
Added by John Sternal on February 21, 2014 at 6:00am — No Comments
Why? Although there can be many reasons for dealerships that struggle, after two decades of consulting, coaching and…Continue