The full-service auto transport management solution offering technology and transportation services appointed Brett Lippel as its new chief partnership officer.

Prior to joining SYCN Auto Logistics, Lippel served as the CEO of Lendgistics, a lending platform catering to major banks and credit unions. SYCN Auto Logistics said his leadership at Lendgistics, specializing in automotive, home improvement, and elective medical sectors, showcased his ability to navigate complex markets and deliver tangible results.

Lippel’s career also includes a stint as the president of Midway Auto Group, a comprehensive operation in Southern California encompassing rental, leasing, and sales. While with that company, Lippel also served as a board member of the American Car Rental Association.

After starting in the automotive industry with Enterprise Rent a Car’s operations in Canada and the U.K., Lippel’s other career highlights include:

—Founder and executive vice president of College-Concierge, an online car buying platform tailored for international students.

—Senior Vice President at Search Optics, a global digital advertising agency

—Chief revenue officer of TrueCar

“We are excited to welcome Brett to SYCN Auto Logistics as our chief partnership officer,” SYCN Auto Logistics CEO Gavin Kesten said in a news release. “Brett’s exceptional leadership and experience in the automotive industry make him the ideal candidate to drive our partnerships and propel SYCN Auto Logistics to new heights.”

Lippel offered this perspective about his new role as chief partnership officer at SYCN Auto Logistics.

“I am thrilled to bring over 20 years of international auto experience and relationships to SYCN,” Lippel said. “I joined SYCN to be a part of an extremely special journey with a company leading in both technology and customer service.”

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Evidently, the wholesale market might be experiencing the same back-to-the-grind struggles, according to the latest analysis from Black Book.

Analysts indicated on Tuesday that wholesale values softened 0.68% last week, the same reading as a week earlier. Black Book did mention that the estimated average weekly sales rate improved slightly to 49% during the first week of the year.

“With the first year of 2024 now officially complete, the market is still reacting like it is on vacation,” Black Book said in its latest installment of Market Insights.

“Last week’s auction activity was still slow, particularly early in the week,” analysts continued in the report. “Now the question, will we have a spring market and if so, when will it start? In 2020, before the pandemic, the market began to gain moment as early as the third week of January.”

Whenever that momentum swing starts for 2024, Black Book offered the latest standing for both car and truck prices.

On a volume-weighted basis, Black Book said overall car values decreased 0.49%.

Analysts noted prices for models 2 years old and younger softened 0.41%, while values for cars 8 to 16 years old also declined 0.49%.

Black Book said prices for all nine car segments decreased last week, but only one segment posted a decline exceeding 1%.

Values for prestige luxury cars sustained the largest decline last week, dropping 1.90%. That doubled depreciation for those vehicles from the prior week’s decline of 0.81%.

Perhaps a hint toward the spring market and tax season, Black Book pointed out that the compact car segment “continues to report very light depreciation,” as those values ticked only 0.06% lower last week.

“This is in comparison to the large depreciation in November and early December when the segment had multiple weeks with declines exceeding 2% per week,” analysts added.

Looking at trucks, Black Book’s volume-weighted information showed overall truck segment values decreased 0.77%

Analysts said prices for 0- to 2-year-old models declined 0.66% on average, while 8- to 16-year-old trucks decreased by 0.81% on average.

While all 13 truck segments declined in value last week, Black Book acknowledged five segments sustained depreciation topping 1%.

Pacing truck declines were sub-compact luxury crossover, which had a value decline last week of 1.66%, representing the eighth week in a row those models sustained a price drop of more than 1%.

Compact vans (down 0.82%) and full-size (down 0.37%) “have slowed their rate of depreciation compared to the record setting depreciation in Q4, with some weeks exceeding 3%,” according to Black Book.

Analysts wrapped up their latest observations with more commentary about the first week of the year.

“The first week of 2024 is now in the books, with not a big change in how we finished 2023,” Black Book said. “We did see more attendees at the auction later in the week, but still seeing more If’s and no-sales in the lanes overall.

“Wholesale prices are still all over the place, sending mixed signals to both buyers and sellers who seem not quite sure what is going on with the current market,” analysts continued. “We did see a small uptick in the auction conversion rate this week, is this our first positive sign for 2024?

“As always, our team of analysts are focused on keeping their eyes on the market, watching for developing trends, and gathering insights,” Black Book went on to say.

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The deal includes four BMW dealerships — three of which also retail BMW Motorrad motorcycles — four MINI dealerships, four Volvo dealerships, two Land Rover dealerships and one Porsche dealership. Penske said the dealerships represent estimated annualized revenues of $1 billion.

“We are pleased to expand our brand footprint and increase our scale,” said Darren Edwards, CEO of Penske’s Sytner Group subsidiary in the U.K.

Penske announced its agreement to purchase the Rybrook Group last month.

Holman acquires NC dealer group

One of the nation’s largest privately-owned automotive businesses is now a lot larger.

Holman, which among its other enterprises operates 40 franchise dealerships nationwide, has reached an agreement to acquire Leith Automotive Group, owner of 30 dealerships in North Carolina.

According to Business North Carolina, Leith Automotive employs more than 2,000 people and has annual revenues of more than $1 billion. Last week, Vietnamese electric vehicle manufacturer VinFast announced Leith had signed on to become one of its first five U.S. dealers.

In a joint statement, Leith Automotive said the Leith brand and the company’s employees will be retained as part of the agreement.

“Over the past 56 years, the Leith family has built an incredible organization and a large, close-knit family of employee partners and Holman is committed to keeping the tradition of success moving forward,” the statement said. “This interfamily ownership transfer will be seamless to the Leith team, as well as to its large and loyal customer base, with the united Leith and Holman organization operating with shared best practices.”

Jim Price Chevrolet sale marks ‘end of an era’

Malloy Auto Group has acquired Jim Price Chevrolet in Charlottesville, Va., from Jim Price Auto Group, according to Kerrigan advisors, which represented the seller in the transaction.

Malloy, founded in 1992, operates seven dealerships in Virginia. Jim Price opened the Chevy dealership in 1968. His daughter, Sandra Price Amato, took over the operation in 2017.

“This sale of our Chevrolet dealership, the final of our three auto group franchises to sell, represents the end of an era, as well as a new beginning for the dealership and for our family,” Amato said.

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The Internal Revenue Service announced on Monday that Jan. 29 is the official start date of the nation’s 2024 tax season when the agency will begin accepting and processing 2023 tax returns.

The IRS expects more than 128.7 million individual tax returns to be filed by the April 15 tax deadline.

According to the IRS database, the agency processed 105,734,000 refunds last year, totaling $334.861 billion. That computed to an average refund amount $3,167, which was 2.6% lower than a year earlier.

Although the IRS said it will not officially begin accepting and processing tax returns until Jan. 29, the agency said people do not need to wait until then to work on their taxes if they’re using software companies or tax professionals.

For example, officials said most software companies accept electronic submissions and then hold them until the IRS is ready to begin processing later this month.

IRS Free File will also be available on IRS.gov starting on Friday in advance of the filing season opening. The IRS Direct File pilot will be rolled out in phases as final testing is completed and is expected to be widely available in mid-March to eligible taxpayers in the participating states.

Building off what the agency called the success of the 2023 tax season that saw significant improvements following passage of the Inflation Reduction Act, the IRS said the 2024 filing season will continue reflecting the focus on improving services to taxpayers. One of the primary developments is improvements to the Where’s My Refund? tool, which is the IRS’ most widely used taxpayer service tool.

Updates to Where’s My Refund? will allow taxpayers to see more detailed refund status messages in plain language. Officials said these updates will also ensure Where’s My Refund works seamlessly on mobile devices.

Officials acknowledged taxpayers often saw a generic message stating that their returns are still being processed and to check back later. With the improvements, taxpayers will see clearer and more detailed updates, including whether the IRS needs them to respond to a letter requesting additional information.

The new updates will reduce the need for taxpayers to call the IRS for answers to basic questions, according to officials.

“As our transformation efforts take hold, taxpayers will continue to see marked improvement in IRS operations in the upcoming filing season,” IRS commissioner Danny Werfel said in a news release. “IRS employees are working hard to make sure that new funding is used to help taxpayers by making the process of preparing and filing taxes easier.”

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According to the Canadian Black Book Used-Vehicle Retention Index, prices in Canada fell by an average of 2.3% in December.

Declines in value continued at the quickest sustained rate since the beginning of the COVID-19 pandemic, CBB reported.

The index now sits at 146.8. Year-over-year, this number represents a 6.9% drop in prices from December of 2022.

“December saw wholesale prices continue to decline at the quickest sustained rate since the beginning of the Covid-19 pandemic. Increasing new car supply and high interest rates continue to decrease used-vehicle demand, but we are far from pre-pandemic values,” said David Robins, principal automotive analyst and head of Canadian vehicle valuations at CBB, in a press release.

The market continues to correct after peaking in March of 2022 at 165 Index points.

Before March 2022, there was an “unprecedented growth” in used values beginning in the late summer 2020.

That said, that trend was also a correction from when the Index was as low as 100.5 points.

As for December, looking at the month-over-month change in prices, there were still six vehicle segments to see value growth. Compact vans came in first with appreciation of 2.69%, followed by premium sporty cars with a rise of 0.23%.

Sporty cars also saw the most year-over-year appreciation, with rates spiking by 11.08% from December 2022.

On the other hand, full-size luxury CUV/SUVs and midsize crossover/SUVs saw the biggest decline month-over-month, both dropping in price by 3.39%.

Year-over-year, full-size luxury CUV/SUV saw the largest drop of any segment, declining in price by 15.28%.

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Researchers found not only how much originations in that credit segment have softened, but also learned which brands lead the way in vehicle deliveries for those specific consumers.

Those three findings included:

Near- and non-prime consumers face diminishing access to automotive financing

In the third quarter of 2023, used-vehicle originations for near- and non-prime borrowers fell 33% year-over-year. Comparatively, used-vehicle originations for prime borrowers fell 22% year-over-year.

Additionally, the Federal Reserve’s rate increases have disproportionately impacted near-and non-prime consumers. By the second quarter of 2023, near- and non-prime registrations decreased by 7,000 for every basis point increase in the interest rate. Prime registrations, on the other hand, continued to rise steadily despite the rate increases.

Chevrolet and Ford lead the way

Among near- and non-prime consumers, Chevrolet is the top choice for new-car purchases, but Ford stands out as a leader in the used-vehicle market.

“Understanding the make and model preferences of near- and non-prime consumers is critical in making informed lending decisions, managing risk, and remaining competitive in an increasingly crowded market,” Open Lending said in a news release.

In the second quarter of 2023, Chevrolet ranked first in new car purchases by near- and non-prime consumers. But Ford was a formidable opponent in the used-car market, where the two automakers tied for most used vehicles sold in the second quarter of 2023.

Open Lending’s data indicated that Chevrolet and Ford have appealed to the near- and non-prime market, more so than their competing OEMs, “and are planting the seeds for customer loyalty in this segment.”

Little charge for EVs

Open Lending acknowledged electric vehicle financing lags dramatically among near- and non-prime consumers. Researchers explained why.

“While cost is the primary reason near- and non-prime borrowers often don’t consider EVs, the lack of charging infrastructure also contributes to inaccessibility. Low-income communities have far fewer total chargers per capita, while high-income communities have the most,” Open Lending said.

“While the ‘charging deserts’ that exist in low-income neighborhoods need to be addressed, it is important for automotive lenders and dealers to keep an eye on EV sales and data in this segment, as tailoring EV financing to these customers could drive a more diverse borrower base,” researchers added.

Using data on new- and used-vehicle originations, interest rates, sales and more, Open Lending utilized the report — which can be downloaded via this website — to illustrate how current macroeconomic and automotive market trends are shaping vehicle accessibility for consumers with credit scores below 699.

“Between high interest rates and increased vehicle prices, car ownership is out of reach for many underserved but qualified consumers today — an obstacle that makes it difficult to build a better life. For automotive lenders, this is an opportunity to engage near- and non-prime borrowers and start long-term, mutually beneficial relationships,” Open Lending chief revenue officer Matt Roe said in the news release.

“At Open Lending, we’ve been keeping a pulse on this market for over 20 years and are excited to start sharing quarterly insights that automotive lenders can use to drive vehicle accessibility with AI-powered decisioning and risk analysis while building resilient portfolios,” Roe went on to say.

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This episode features a dealer panel titled, “The Changing Used-Car Manager’s Role, and Now What?” The session was moderated by former dealer Kraig Quisenberry, who is now with ACV. The other participating dealers included:

Peter Hermes of DriveTime

Mark Weida of Street Smart Auto Brokers

Tony Lucas of Casa Auto Group

Nate Myers of SONS Auto Group

Nick Johnson of Penz Automotive

Tim Hlavenka of Rick Case Automotive Group

Lawrence Breaud of Autos of Forney

Listen to the episode in the window below.

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CarMax, one of the nation’s largest used-car retailers, announced a new commercial spot based around the much-maligned minivan, a vehicle that a few years ago was all but pronounced dead by USA Today.

But CarMax said its search data shows interest in minivans is alive and well — minivans were actually the company’s fastest-selling vehicle category from June to November 2023, reaching their highest sales volume in three years.

CarMax’s new ad plays on the demand for minivans by depicting a mother getting emotional about her son leaving the nest as she drops him off at college — until she gets an instant offer to sell her “mom van” to CarMax.

“Our car purchases often mirror the life stages we are entering and leaving,” CarMax said in a news release. “For Gen X parents preparing to send their kids off to college this spring, it might mean it’s time to ditch the family vehicle. And for millennial parents needing extra room, it might be time to trade in for a larger model. Call it the circle of car life.

“So, while the mom in our commercial is moving on, there are plenty other moms in a different life stage that are actively looking for this type of vehicle.”

CarGurus promotes ‘Your Car, Your Way’

CarGurus’ new brand campaign is called “Your Car, Your Way,” an extension of its 2023 “Get it With Gurus” campaign.

The new 2024 campaign illustrates the satisfying feeling of having everything happen exactly as you want it in buying or selling a car through CarGurus by showing what it might be like if you could have everything happen exactly as you’d want it in the rest of your life.

The spots emphasize the experience of drivers who are able to buy or sell a vehicle their way, whether that’s shopping online for the best deal from a dealership, receiving a competitive offer to sell an existing car virtually or financing online through CarGurus.

“We know consumer needs are evolving, with research showing a majority of car buyers and sellers are open to doing more online — but not necessarily everything,” CarGurus chief marketing officer Dafna Sarnoff said in a news release. “At CarGurus, we’re driven to transform what can be a tedious process into a delightful experience through omnichannel retail tools, transparent listing information and expert-informed reviews that put consumers in control while also enabling our dealer partners to better serve their customers.

“We love that this campaign captures how our platform can make you feel as that happens, and inspires viewers to feel supported in whatever path they choose.”

In the ad, a car shopper experiences a dreamlike sequence in which everything goes his way — like gliding over an otherwise painful children’s toy, landscaping with just the sip of a drink and enjoying a gourmet meal prepared by his toddler — to show what it feels like when shoppers “Get it with Gurus.”

“We all know the euphoric feeling of getting things exactly our way without compromise — a feeling that for most of us is all too rare,” said Sian Coole, creative director of DDB San Francisco, which developed the spots. “We wanted to show how CarGurus gives you that empowering feeling of control.”

CarGurus said its integrated campaign will run on TV networks and connected TV providers and will be supplemented with digital and social executions, including influencer programs.

In conjunction with the new brand campaign, CarGurus released its 2023 Shopping Your Way report, which includes new data on car shopping trends such as the most viewed new car listings, top wish-listed car models, most popular body styles, top viewed models by region and more.

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That’s according to separate analyses released Monday by Cox Automotive and Black Book.

Cox Automotive’s Manheim Used Vehicle Value Index fell 7.0% year-over-year in December and dropped 0.5% month-over-month, coming in at 204.0.

Wholesale prices were up close to 33% from December 2019, Cox said, but have slowed 21% since the December 2021 peak.

“We ended 2023 with about half of the used-vehicle value decline we saw in 2022, but still more than we’d see in a typical year,” Cox Automotive chief economist Jonathan Smoke said in a news release.

Black Book’s Used Vehicle Retention Index closed the year by dropping 10.9% year-over-year in December and falling 1.7% from November, coming in at 151.0.

Still, the index is up 32% from last pre-pandemic reading in March 2020.

“Wholesale prices continued to decline in December at a higher than usual (pre-2020) rate, but the depreciation was slower than in November,” Black Book chief data science officer Alex Yurchenko said in a release. “We saw a drop in the conversion rates at the auctions, which is typical this time of the year.

Looking forward, Black Book said January should see auction activity increase with dealers acquiring inventory for the spring market.

“As OEMs push more incentives to move new inventory, used wholesale prices are expected to decline in January although not as rapidly as in the last quarter of 2023,” Yurchenko said.

Looking forward, Cox is projecting its Manheim index will have increased 0.5% year-over-year in December of this year. It anticipates “muted fluctuations” in used-vehicle values and less volatility, given the recovery in wholesale volumes  in the last year. Both wholesale and retail markets have moved “more toward equilibrium,” the company said.

“For 2024, the key word for the wholesale market is ‘normalcy.’ Manheim expects constrained growth with a volume increase of less than 1%,” Smoke said. “As for price patterns, we anticipate a normalization trend, and we expect that 2024 will be the first year in five where we will experience fairly normal depreciation in the wholesale market.”

Added Cox Automotive senior director of economic and industry insights Jeremy Robb: “As we move into 2024, it’s important to note that used-vehicle values increased faster than the overall rate of inflation.

“So, even though prices have come down over the last two years, they are still about 33% higher than at the end of 2019,” Robb said. “More normal declines will likely be seen in the coming years, but the average value of a wholesale unit will continue to be higher than in the past.”

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