Chart: Cox Automotive Wholesale used vehicle prices (on a mix-, mileage-, and seasonally adjusted basis) decreased 1.7% in the first 15 days of July compared to the month of June, Cox Automotive reported July 19. This brought the Manheim Used Vehicle Value Index to 196.9, a 24.7% increase from July 2020. Manheim Market Report (MMR)… Continue reading Wholesale Used Vehicle Prices Decline in First Half of July
Author: Auto Rental International Online News
Total Used-Vehicle Sales Down 12% YOY in June
Chart: Cox Automotive As another data point to monitor the health of the automotive market, according to Cox Automotive estimates, total used-vehicle sales were down 12% year over year in June. Cox estimates the June used SAAR (Seasonally Adjusted Annual Rate) to be 39 million, down from 43.6 million last June and down compared to… Continue reading Total Used-Vehicle Sales Down 12% YOY in June
Ford, Lyft to Launch Self-Driving Car Network this Year
Lyft users within the defined service areas will be able to select a Ford self-driving vehicle to hail a ride. Photo: Argo AI Ford Motor Company is partnering with Argo AI and Lyft to create an autonomous ride hailing service, according to the companies’ press release. Argo AI and Ford will release self-driving Ford vehicles… Continue reading Ford, Lyft to Launch Self-Driving Car Network this Year
Sixt SE Exceeds Expectations, Earns €78M in Q2
Sixt credits the result on higher price levels in the U.S. and Europe and the easing of pandemic-related restrictions in Europe. Photo: SIXT USA Sixt SE pulled in €78M in earnings before taxes (EBT) in the second quarter of 2021, the company reported on July 20, exceeding analysts’ estimates of 2021 EBT €61 million. Consolidated… Continue reading Sixt SE Exceeds Expectations, Earns €78M in Q2
New Vehicles Hit Record Low in Affordability
Chart: Cox Automotive With market dynamics leading to record prices and record low incentives, new vehicle affordability declined this spring. In addition, with waning stimulus support, affordability declined in June to a new low on the affordability index, which dates to 2012. The number of median weeks of income needed to purchase the average new… Continue reading New Vehicles Hit Record Low in Affordability
XLerate Group Acquires Liquid Motors
Columbus Fair Auto Auction stands atop 154 acres and operates an 11-lane arena, reconditioning facility, body shop, and mechanical shop. Photo: XLerate Group The XLerate Group (XLerate) said July 12 it recently added Liquid Motors to its arsenal of offerings serving consignors and buyers, both digitally and in-lane, according to a media release. Liquid Motors… Continue reading XLerate Group Acquires Liquid Motors
Europcar Rejects Takeover Bid
The rejection of the VW bid comes as car rental companies have experienced a reversal of fortune since the pandemic lows one year ago. Photo courtesy of Europcar. Europcar Mobility Group has rejected a bid for its takeover, according to a statement by the company. “After studying this proposal carefully, the Board of Directors of the… Continue reading Europcar Rejects Takeover Bid
Amazon Home Services Facilitates Rental Bookings in UAE
Renters in Dubai can rent through Amazon Home Services. The cars are delivered directly to the selected address as early as three hours from the time of booking. Photo via Wikimedia Commons/777777kz. Amazon has launched online car rental services through its Amazon Home Services in the United Arab Emirates (UAE) for customers in Dubai, Abu Dhabi, Sharjah, Ajman,… Continue reading Amazon Home Services Facilitates Rental Bookings in UAE
Hawaii Tourism Authority Offers Transportation Options
With the rental car shortage in Hawaii, bike sharing is a new option. Photo via Wikimedia Commons/christo vlahos. Instead of renting a vehicle, the Hawaii Tourism Authority is offering tourists a list of alternative transportation options. With a combination of Hawaii’s rental car fleet decreasing by more than 40% during the pandemic and a recent increase… Continue reading Hawaii Tourism Authority Offers Transportation Options
Sixt U.S. Fleet to Reach 2019 Levels in Summer
After reactivating its existing workforce to full strength, Sixt is planning a hiring offensive to meet this new demand. Photo courtesy of Sixt. Sixt SE held its annual general meeting virtually on June 16, announcing it would increase its fleet to 2019 levels in the U.S. this summer. “After the most difficult and challenging year… Continue reading Sixt U.S. Fleet to Reach 2019 Levels in Summer