Used Car News

TIME’s recognition highlights the way UVeye is driving the future of automotive inspection while enhancing safety, reliability, transparency and efficiency across the industry.

TIME Honors UVeye in ‘Best Inventions’ Issue TIME revealed its annual list of the Best Inventions, and included UVeye’s groundbreaking, AI-powered automated vehicle inspection technology in this year’s automotive category Like an “MRI for vehicles,” UVeye’s AI drive-thru inspection systems are reshaping the way vehicle inspections

The winner of the National Quality Dealer of the Year will be announced during the National Independent Automobile Dealers Association - NIADA Convention on June 23-26, 2025, at the Fontainebleau in Las Vegas.

State Associations Name Quality Dealers Auto dealers in Ohio, Florida, and Virginia were recently honored as quality dealers in their states and will be finalists for the National Quality Dealer of the Year award at the NIADA Convention in June. Mike and Shirley Tinkham of Tink’s Auto Trading Post in Millfield, Ohio, were named the Ohi

UCN's Latest Auto Industry Insider Podcast is Out!

In this episode host Jeffrey Bellant speaks with John Coles, Vice President of Data Science and Analytics for ACV, about the current trends in the used car market. They discuss the impact of supply and demand on vehicle values, particularly focusing on gas, electric, and hybrid vehicles. The conversation also highlights the strategies independent dealers are employing to acquire inventory and the importance of data analysis in understanding market dynamics.
Click the link to listen:
https://usedcarnews.com/index.php/ucn-podcast

The online survey was commissioned during September and was presented to more than 3,000 car shoppers across the U.S.
Read the key insights below:

Consumers Unsatisfied with Dealer Experience DealNow, a platform for private vehicle transactions, released key findings from its latest consumer vehicle transaction survey, highlighting the key frustrations consumers have in receiving a fair price for their vehicle when trading in at a dealership, or selling to a third-party service. The onl

Sales are currently 4% higher in the used retail vehicle market, with estimated sales increasing by 1% in the most recent week of data and up 9% against 2023, according to vAuto.

Cox Automotive Sees ‘Positive Momentum’ Retail vehicle sales show resilience, with new sales up 10% year over year and used vehicle sales improving 9% against 2023, despite recent disruptions, according to Cox Automotive’s Auto Market Report. Cox Chief Economist Jonathan Smoke reported that supply in the vehicle market has stabilized,

The FTC and State of Wisconsin took action against Rhinelander Auto and its general manager in 2023, alleging that they regularly charged many customers junk fees for “add-on” products or services without the customer’s consent.

FTC Refunds $1 Million to Consumers Defrauded by Auto Dealer The Federal Trade Commission is sending more than $1 million in refunds to consumers who were harmed by Rhinelander Auto Center’s junk fees and discriminatory practices. The FTC and State of Wisconsin took action against Rhinelander Auto and its general manager in 2023, alleging that they regul

Used EV sales demonstrated steady growth, reaching 26,626 units sold and maintaining a 1.7% market share.

Steady Growth For Used EV Sales In Q3 The electric vehicle market continues to expand in the U.S., as recent Cox Automotive info reveals a year-over-year rise in sales for both new and used EVs. September marked the sixth consecutive month in which new EV sales surpassed 100,000 units. EV share of new-vehicle sales achieved a notable 9%

Despite facing headwinds in the sales environment, the auto finance industry has demonstrated remarkable resilience and adaptability.
Read the full story below:

Auto Dealers, Lenders Embrace Digital Transformation Adoption of digitized contracting and documentation workflows by auto retailers and their lending partners continues its upward trend, according to analysis by Wolters Kluwer Compliance Solutions from its Q3 Auto Finance Digital Transformation Index. While Q3 adoption compared to Q2 was mostly unc

Used vehicle gross profit decreased $82 million reflecting a gross profit per vehicle retailed of $1,565 compared to $1,907 a year ago and a 4% decrease in unit sales.
Read the full story below:

AutoNation: Q3 Hurt by CDK Outage AutoNation reported third quarter 2024 revenue of $6.6 billion, EPS of $4.61, and adjusted EPS of $4.02. Used vehicle gross profit decreased $82 million reflecting a gross profit per vehicle retailed of $1,565 compared to $1,907 a year ago and a 4% decrease in unit sales. Third quarter results

26% of car buyers said working with a dealer they trust is the most important part of the car-buying experience — only 10% said getting the best price for the vehicle was most important.
Read the rest of the Key Finding below:

Trust Tops Price Among Auto Shoppers The 2024 Capital One Car Buying Outlook finds almost half (48%) of car buyers said they would be willing to go to a car dealership with higher prices if it was a dealership they could trust. Using online soft credit pulls and pre-qualification, car buyers can enter a dealership with a sense of th

The seven credit unions represent combined assets of over $1.1 billion and a reach increase of more than 1.5 million consumers across six states.

AFC Adds Credit Unions to its Auto Lending Program Auto Financial Group, a source of residual-based financing and vehicle remarketing for financial institutions, announced results for Q2-Q3 2024. In the second and third quarter of 2024, AFG signed seven new credit unions to its Walk-Away Balloon Lending Program: Compass Financial Federal Credit Uni

Third quarter 2024 revenue increased 11% to $9.2 billion from $8.3 billion in the third quarter of 2023.

Lithia & Driveway Reports Revenue Boost Lithia & Driveway reported the highest third quarter revenue in company history and the second profitable quarter for Financing Operations, which includes Driveway Finance Corporation. Third quarter 2024 revenue increased 11% to $9.2 billion from $8.3 billion in the third quarter of 2023.

Increasing economic and social inflation continues to profoundly influence escalating insurance costs.

Commercial Auto Insurance Struggles for Profitability The commercial auto insurance line has struggled to achieve underwriting profitability for years, even before the inflationary conditions that have been affecting property/casualty lines more recently. This trend has been accompanied by steady growth in net written premiums (NWP), according to the

Second round voting will close at 11:59 p.m. PT on Nov. 1. The 2024 winners will be announced on Nov. 19.
Finalist list below:

L.A. Auto Show Names Award Finalists The Los Angeles Auto Show unveiled the finalists for the ZEVAS 2024. Additionally, the second and final round of voting is now open that will decide the ultimate winners of each category for this year. The finalists for 2024 are: TOP COMPACT/COUPE BMW i4 eDrive40 Hyundai KONA Electric Min

Beginning Nov. 1 through Nov. 24, more than 20 iconic Aston Martin models will be showcased throughout curated spaces at the Fontainebleau Las Vegas.

Las Vegas Hotel Debuts Aston Martin Experience Fontainebleau Las Vegas, the Strip’s newest luxury resort and casino and the gateway to Race Week 2024, is making history in November with the debut of the exclusive Aston Martin British Bloodline experience. A curated collection of current and rare vintage performance cars, the Aston Martin

CFPB Director Rohit Chopra said the rule will allow consumers the opportunity to gain better interest rates and also lead to lower loan prices.

CFPB Finalizes Financial Data Rights Rule The Consumer Financial Protection Bureau announced its final personal financial data rights rule, NIADA reported. The rule will require financial institutions, credit card issuers and other financial providers to “unlock” the consumer’s financial data and allow them to transfer it to another

The stats for Q3 of 2024 reveal a market that's continuing to adjust. Damage estimates for vehicles sold at action in Q3 of this year topped $3,000 ($3,006.43), nearly $200 higher than the same period last year ($2,830.35).

Auto Auction Prices Slide as Average Fees Rise The 2024 Q3 AutoIMS Industry View shows market dynamics continue to change going into fall, affecting everything from auction prices to conversion rates this year. The report showed Q3 2024 auction conversion rates rose to 66.5% compared to 2023 rates were just under 62%. The report shows vehicle

EV share of vehicle page views grew by 226% year-over-year in Q3 2024, reflecting an ongoing shift in shopper interests.

Carvana Reports Rise in EV Searches Carvana released its EV Trends Report for Q3 2024, focusing on consumer search behavior, showcasing the increasing interest in electric vehicles and evolving preferences among shoppers. Key findings from the report include: The EV share of make-model searches on Carvana.com has grown in every

ReyPAY delivers several key benefits to automotive dealerships including an integrated solution, enhanced customer journeys at checkout, and cloud-based data security from Worldpay.

Reynolds and Reynolds Extends Partnership The Reynolds and Reynolds Company, a provider of auto dealership software based in Dayton, Ohio, has extended an agreement with Worldpay as its exclusive payments provider. This long-term extension positions Worldpay as the sole provider of all payment processing activities for the integrated pay

Play UCN's latest Auto Themed Crossword Online! Test your knowledge and have fun.
Click the link to play.

https://usedcarnews.com/index.php/crossword/online-edition

Universal Technical Institute, announced the expansion of its core automotive program to include new BHEV and EV courses.

Auto Tech School Expands into EV, BHEV Universal Technical Institute, the transportation, skilled trades, and energy education division of Universal Technical Institute, announced the expansion of its core automotive program to include new BHEV and EV courses at UTI-Avondale and UTI-Orlando. The new courseware builds on the hybrid a

The eternal love of first cars. Tony Moorby's latest Op-Ed for UCN.

First Car Love I was recently enjoying some reminiscences of earlier years with some friends and the discussion soon turned to ‘first cars’ or cars that we enjoyed the most. Having been in the business all my life, I’ve had the benefit of all kinds of motoring enjoyment, often at someone else’s expense, e

VUE Net equips dealers with an immediate recovery strategy, ensuring they can swiftly rebound from disruptions, attacks, or disasters.'

DMS Firm Launches New Tool for Dealers Dominion DMS on Oct. 17 announced the launch of a new cloud native solution for U.S. automobile dealers. Adding to their VUE DMS portfolio, VUE Net provides dealers a next generation level of business continuity, one designed explicitly for the automotive industry and dealership operations. Given

The 973 Plymouth Barracuda, wrapped in the McLaren Formula 1 Team’s unmistakable “papaya” hue, is on display at the eBay x McLaren F1 Team Garage in the Fan Field of the US Grand Prix!

McLaren Formula 1 Team, eBay Unveil Custom Muscle Car On Oct. 18, eBay announced a special collaboration project car built to recognize the McLaren Formula 1 Team and its outstanding on-track results, so far, this 2024 F1 season. The classic American muscle car, modified with trusted parts and accessories from the marketplace, makes its debut timed

CARFAX estimates six states have the most water-damaged vehicles due to Helene.
Read the full story below:

Hurricanes Result in 100,000+ Flood Vehicles Hurricane Helene left as many as 138,000 vehicles flood damaged after it tore through at least six states, CARFAX estimates. Floodwaters swamped communities in Florida, Georgia, North and South Carolina, Virginia and Tennessee. That’s on top of the estimated up to 89,000 vehicles already hit with