ATLANTA, Feb. 9, 2013 /PRNewswire/ -- Virtually all segments of the U.S. automotive industry achieved stellar results in 2012 and the prospects for a bright 2013 look equally good, despite the sluggish overall economy, concludes Manheim Chief Economist Tom Webb in Manheim's 2013 Used Car Market Report (UCMR).
In addition to commentary on industry trends in 2012 and an outlook for 2013, the 18th annual UCMR includes in-depth looks at industry segments including dealers, rental, leasing, repossessions, fleets, and salvage. The Report, which was introduced today at the National Automobile Dealers Association (NADA) convention in Orlando, also includes Q&As with NADA and NIADA leaders, and an introductory letter from Manheim President Sandy Schwartz.
"Despite some tough conditions, the automotive industry continued its steady climb after difficult years in 2008 through 2010," said Schwartz. "No segment of the industry showed greater resilience than the used car market. In this year's edition of the UCMR, we offer insights about the used car industry and the many ways that remarketing continues to become more efficient and responsive to the needs of buyers and sellers in an ever-evolving marketplace."
The UCMR is available for purchase online (www.manheim.com/consulting) in a PDF format.
Among the facts and trends discussed in the UCMR:
- New car sales reached 14.5 million units in 2012, fully 1 million units more than the consensus forecast for the year.
- Used vehicle sales came in at 40.5 million, with dealer retail sales increasing 5 percent for the year.
- Wholesale auction volumes remained stable in 2012, with between 7.5 and 7.7 million units sold. Volumes are expected to increase by 5 percent to around 7.9 million units in 2013.
- Manheim's Used Vehicle Value Index indicated that while wholesale prices softened for the first time in three years, they remained at historically high levels.
- New units sold per dealership and Certified Pre-Owned vehicle sales both reached all-time highs.
- The percentage of auction volume accounted for by dealer consignment vehicles reached a record-share of 57 percent.
- Total rental industry revenues reached a record $23.6 billion in 2012, up 4 percent from 2011.
- Wholesale pricing for rental risk units sold at auction remained exceptionally strong.
- New lease originations increased 16 percent to 2.5 million; meanwhile, off-lease returns hit a cyclical low of 1.5 million.
- Repossession volumes were virtually unchanged in 2012, but will likely grow over the next few years due to the recent growth in originations and the easing of lending standards.
Commercial and Government Fleets
- With an increase of 7 percent, new vehicle sales into commercial fleets rose for the third consecutive year.
- Government fleet purchase increased a more modest 2 percent, but that was after falling in each of the previous four years.
- The fallout from Hurricane Sandy will put between 250,000 and 350,000 vehicles into the salvage market in the Northeast in the first four months of 2013.
- The trend of international buyers sourcing inventory from salvage auctions continued in 2012, with Manheim's ExportTrader seeing its volume increase 36 percent.
About Manheim (www.manheim.com)
Manheim is the world's leading provider of vehicle remarketing services. Through its 106 worldwide wholesale operating locations and digital services, Manheim influences every stage of a used vehicle's life cycle, helping commercial sellers and automobile dealers maximize the full value of their vehicles. Drawing from its auction transaction volume, Manheim Consulting publishes the annual Used Car Market Report, the definitive source of data for the used car industry. Manheim Consulting offers a wide range of services including custom analytics, business optimization and macro economic analysis.
Manheim is the online vehicle remarketing leader, connecting buyers and sellers to the world's largest, most comprehensive wholesale marketplace through its extensive in-lane and digital offerings. Manheim.com receives nearly 900,000 visits each week.
Additionally, Manheim offers services including reconditioning, certification, inspections, dealer financing, title management and marshaling, among others. Through its wide array of services and technologies, industry publications, customer support and educational offerings, Manheim gives its customers maximum control over how they buy and sell vehicles, helping them to conduct business in the most efficient way possible. Worldwide, the company handles nearly 8 million used vehicles annually, facilitating transactions worth more than $50 billion in value.
Headquartered in Atlanta, Manheim is a subsidiary of Cox Enterprises, a leading communications, media and automotive services company.
CONTACT: Lois Rossi
Sr. Director, Corporate Communications