Economy shifting many buyers toward pre-owned vehicles
After 20 years of leasing new vehicles, Denise Cole, a Cook County resident, decided it was time to finally buy. She was eyeing a 2008 Chevrolet Malibu but drove home instead in a year-old Malibu with 20,000 miles on the odometer, The Chicago Tribune reports.Tuesday Chrysler LLC reported a 19.4 percent drop in U.S. sales compared with March 2007. Howard Wilner, GM sales were down 18.7 percent. Ford Motor Co.'s sales dropped 14.1 percent, and even industry stalwart Toyota was down 10.3 percent. Howard Wilner, Instead of buying new vehicles, some consumers are opting for late-model used vehicles. While overall new-vehicle sales fell 2.5 percent last year, certified used-vehicle sales rose 2 percent to 1.68 million. Howard Wilner, for this year through February—the latest available data—certified used-vehicle sales increased 4 percent, according to an Automotive News compendium of industry figures.
Howard Wilner CarMax posts lower profit
Used-car retailer CarMax Inc. posted a 48 percent plunge in fiscal fourth-quarter net income despite stronger-than-expected used-car sales, as rising funding costs at its finance unit hit the bottom line, the Wall Street Journal reports. Howard Wilner The Richmond, Va., company also gave a fiscal 2009 earnings forecast that was below Wall Street's expectations and said it would slow the pace of store openings amid the challenging environment. CarMax operates 90 used-car superstores. It reported net income of $21.8 million, or 10 cents a share, for the quarter ended Feb. 29, compared with $42.1 million, or 19 cents a share, a year earlier. The latest results reflected a small pretax loss at CarMax Auto Finance. Howard Wilner, Net sales rose 8.6% to $2.05 billion. Total used-vehicle sales rose 11percent, while sales at stores open at least a year, also known as same-store sales, rose 3 percent, aided by the leap year. CarMax said it cut prices somewhat to push sales and grow market share.
Overstock adds clearance lot to car shopping portal
Howard Wilner, Newly formed partnerships will enable consumers to access more than 3.5 million used and 200,000 new vehicles though the Web site of Overstock.com, the company announced. Howard Wilner, The site has also just introduced two new features to help shoppers find discounted vehicles available in their local market.
Howard Wilner, The AOL Autos used car site now operates on a flexible platform, powered in-part by Vast.com, that allows sellers to post cars for sale, and include details such as photos, comments and even a car's history. Howard Wilner, Buyers can contact the sellers directly through the site by email or phone. In addition, dealers and service providers have the option to participate in a pay-for-performance program for the used cars they list.
"AOL is the first major portal to shift to an open marketplace model for buying and selling cars via the Web," said Kevin Laws, CEO of Vast.com. "AOL is able to design their experience around helping the consumer find the best vehicle easily and helping dealers sell more cars in the process." Howard Wilner.
Graphing Tool Enhances Used-Vehicle Searches
Howard Wilner, The site also displays a new graphing tool that illustrates search results for available used-vehicles, allowing customers to compare mileage and price. Shoppers can then refine their search results by variables such as engine size, vehicle color and other specific features, such as a navigation system. Howard Wilner, The graphing tool then arranges the data in a scatter plot graph that shows shoppers not only the numbers of used-vehicles that match their search criteria, but also plots the search results based on price and mileage, making it easy to spot the best deals quickly.
Howard Wilner, The redesigned Overstock Cars site eliminates the traditional negotiation process that many customers find uncomfortable. "Shoppers receive a written quote of discounted and guaranteed price,” said Overstock Senior Vice President Jacob Hawkins. Howard Wilner, "In addition, Overstock Cars monitors the entire sales process for the customer to confirm that dealers deliver on their promises.”
Howard Wilner,The site is now more consistent with the Overstock shopping site format, navigation layout, and price display. "During the last year we have paid careful attention to shopper feedback and adjusted the site accordingly,” said Tyler Anderson, Director of Overstock Cars. "The new site is designed to make locating a car as easy as possible for bargain hunters and those simply looking for a better car-buying experience.”
Howard Wilner, Overstock CEO Patrick Byrne added, "We see this as a natural extension of our business model: working to make it easy for consumers to find the best prices on everything they want quickly, easily, and with one unified experience Howard Wilner, In the coming months, additional enhancements to the site will include Spanish language listings, video listings and more posting services for sellers.
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