August 28, 2008
Although problems remain such as billions in underestimated residual values this year for end-of-term SUVs, leasing remains strong, says CNW’s Art Spinella.
Tags: Art Spinella, CNW, Leasing
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By Mike Antich Fuel prices hit record highs. The cost of financing a fleet doubles. Used-vehicle values plummet. Dealers are unable to sell the vehicles they have in inventory. Geopolitically, the U.S. is embroiled in war and the macro-economy teeters on recession. If you think I'm talking about 2008, think again. The year was 1973.
By Mike Antich October was an extremely difficult month to remarket vehicles in the wholesale market as resale prices took a precipitous drop. Wholesale pricing, based on mixed mileage and seasonally adjusted, declined a record 6 percent in October. The lack of credit to both dealers and retail buyers has been the key catalyst contributing to the downturn in the wholesale market. The market forecast is gloomy until the credit gridlock is resolved.
By Mike Antich
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In This Issue: Election 2008: What’s at Stake for Auto Finance?, Subprime: Are You In or Out?, Experian Reports Second-Quarter Trends and much more…