ATLANTA, Jan. 27, 2017 /PRNewswire/ -- 2016 brought good news for almost every segment of the auto industry. Highlights included accelerating used vehicle sales, a record high 17.5 million new vehicle sales, and a growing number of services and support products that are dramatically improving the efficiency of the automotive marketplace – from retail to remarketing.
These trends – and the outlook for 2017 – are explored in depth in the 22nd edition of the Manheim Used Car Market Report, presented by Cox Automotive. Each year, the highly respected compilation provides a compelling snapshot of data and trends shaping the used car business.
"2016 was most likely a bullish year for you regardless of what sector of the automotive ecosystem you're part of," said Tom Webb, chief economist for Cox Automotive. "Looking forward, although there is looming uncertainty about the economic climate in 2017, the prospects are still good that the seven-year recovery in the automotive industry will continue."
A major focus of this year's report is the speed with which new technologies and services are transforming the automotive marketplace, a fact that Janet Barnard, Cox Automotive's president of Inventory Solutions, addressed in her introductory letter.
"We're committed to ensuring that doing business with us becomes faster, easier and more rewarding," she said. "We are creating a seamless experience to produce efficiencies and time savings across our portfolio of brands so our clients can focus on their customers and running their businesses."
As usual, the report provides a comprehensive look at multiple segments of the automotive industry, along with a series of brief case studies and insights from key industry players. Among the highlights:
- NAAA-member auction sales approached 10 million in 2016
- Wholesale prices overall have been stable over the last four years despite rising volumes
- New vehicle sales were a record 17.5 million units
- Dealers increased used vehicle sales for a seventh straight year
- Total rental car industry revenue reached a record $28.4 billion
- Number of vehicles purchased by rental companies increased 4 percent to 1.82 million in 2016
- New retail consumer lease originations grew 7 percent in 2016 to 4.4 million units
- Off-lease volumes will reach a record 3.6 million in 2017 and then surpass 4 million in 2018
- The dollar amount of auto loans outstanding reached a record level of $1.1 trillion
- An estimated 1.7 million vehicles were repossessed in 2016
- New vehicle purchases by commercial and government fleets grew 6 percent in 2016
- Fleet management companies continued to be innovative users of data analytics and remarketing best practices to protect residual values
- Global new vehicle sales for 2016 are expected to grow to 90 million units
- China ranked first in global new vehicle sales with 25 million units sold, a 4.6 percent increase
About Manheim (www.manheim.com)
Manheim® is North America's leading provider of vehicle remarketing services, connecting buyers and sellers to the largest wholesale used vehicle marketplace and most extensive auction network. Through 125 traditional and mobile auction sites and a robust digital marketplace, the company helps dealer and commercial clients achieve business results by providing innovative end-to-end inventory solutions. Approximately 18,000 employees enable Manheim to register about 8 million used vehicles per year, facilitate transactions representing more than $50 billion in value and generate annual revenues of more than $2.6 billion. Headquartered in Atlanta, Manheim North America is a Cox Automotive™ brand. For more information, visit http://press.manheim.com/.
About Cox Automotive
Cox Automotive Inc. is transforming the way the world buys, sells and owns cars with industry-leading digital marketing, software, financial, wholesale and e-commerce solutions for consumers, dealers, manufacturers and the overall automotive ecosystem worldwide. Committed to open choice and dedicated to strong partnerships, the Cox Automotive family includes Autotrader®, Dealer.com®, Dealertrack®, Kelley Blue Book®, Manheim®, NextGear Capital®, vAuto®, Xtime® and a host of other brands. The global company has 33,000 team members in more than 200 locations and is partner to more than 40,000 auto dealers, as well as most major automobile manufacturers, while engaging U.S. consumer car buyers with the most recognized media brands in the industry. Cox Automotive is a subsidiary of Cox Enterprises Inc., an Atlanta-based company with revenues of $18 billion and approximately 60,000 employees. Cox Enterprises' other major operating subsidiaries include Cox Communications and Cox Media Group. For more information about Cox Automotive, visit www.coxautoinc.com.