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☆ Tesla Cyberbeast auction hits $250,000 with only hours left to bid— take a look
▼ + stars: | 2024-04-09 | by ( Jordan Hart | Grace Kay | ) www.businessinsider.com time to read: +3 min

A souped-up Tesla Cyberbeast is up for auction on Sotheby's Motorsport. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. A Foundation series Cyberbeast is up for auction at Sotheby's Motorsport, and the window to place a bid is only hours away from closing. A week later, bids are topping out at $250,000 during the final hours of the auction. In a previous auction, one reseller was able to auction off their Cybertruck to a Porsche dealer for $244,500 — more than double the sticker price.

Persons: Tesla, —, Tesla's, Cyberbeast, ShibaInu —, GiveMeTheVin, Musk Organizations: Sotheby's Motorsport, Service, Tesla, Porsche Locations: Manheim

☆ A Tesla Cybertruck was resold for more than twice its price
▼ + stars: | 2024-03-01 | by ( Grace Kay | ) www.businessinsider.com time to read: +3 min

A Foundation series Cybertruck was sold at an auction for $244,500 on Wednesday — over $130,000 more than its sticker price. AdvertisementSince Tesla started deliveries of the Cybertruck on November 30, Give Me The Vin has received dozens of offers from Cybertruck owners, Wolfe said. It's not the first time Tesla owners have attempted to flip their cars. In 2022, some Tesla owners made up to $7,000 reselling their EVs. However, the resale market has been difficult for Tesla owners in recent years due to the company's recent series of price cuts.

Persons: —, Elon Musk, John Clay Wolfe, Tesla, Wolfe, We've, he's, GiveMeTheVin, Rolls Royce, It's Organizations: Service, Porsche, Cox Automotive's, Business, South Orlando, Elon, Tesla, Rolls Locations: Cox Automotive's Manheim, Dallas , Texas

☆ Used car prices expected to stabilize in 2024 after two years of decreases from record highs
▼ + stars: | 2024-01-08 | by ( Michael Wayland | ) www.cnbc.com time to read: +2 min

(Staff photo by Brianna Soukup/Portland Press Herald via Getty Images)DETROIT — Used vehicle prices are expected to stabilize this year, after buyers of pre-owned cars and trucks got more relief in 2023 following a stretch of record prices. However, used vehicle prices are still higher than they were before the pandemic. Retail prices for consumers traditionally follow changes in wholesale prices, but they have not fallen as quickly as wholesale prices in recent years. Used vehicle sales are expected to increase by less than 1% to 36.2 million, according to Cox Automotive. That forecast includes 19.2 million in used vehicle retail sales.

Persons: Brianna Soukup, Cox, we've, Jeremy Robb, Jonathan Smoke Organizations: Lee, Portland Press, Getty, Automotive, Cox Automotive Locations: Manheim, U.S

[1/6] A used KIA EV6 electric car is seen for sale outside the showroom of a used car dealer in Manchester, Britain, October 19, 2023. But that is changing as companies rush to scale up EV battery tests - some of which take just minutes. "If the second-hand car market doesn't work properly, the new car market doesn't work properly and the electric transition won't happen," said Alex Johns, business development manager at Altelium, which says it has received interest from other markets including China. The race to properly value used EVs is becoming urgent because of a looming influx of vehicles. "People just want less risk," when buying a used EV, said Battery Quick Check managing director Katharina Alamo Alonso.

Persons: Phil Noble, EVs, Alex Johns, Marcus Berger, Berger, Tesla, Stephanie Valdez Streaty, Eldar Vagabov, Michael Willvonseder, Willvonseder, Scott Case, Case, Katharina Alamo Alonso, Nick Carey, Paul Lienert, Ben Klayman, Deepa Babington Organizations: REUTERS, EV, Volkswagen, Deutsche, Mobility, Cox Automotive, Wiener, Owners, TUV Rheinland, Thomson Locations: Manchester, Britain, DETROIT, U.S, Altelium, China, Austrian, Germany, Atlanta, Manheim, Europe, Wiener Neustadt, Vienna, Seattle

☆ Every type of used car is getting cheaper except trucks
▼ + stars: | 2023-10-10 | by ( Alexa St. John | ) www.businessinsider.com time to read: +3 min

The used car market took off during the COVID-19 pandemic. As of last month, used pricing had declined nearly 4% year-over-year, according to Cox Automotive's latest Manheim Used Vehicle Index, with one exception: Trucks. Overall, despite slight improvements in the used car market from 2020 and 2021, supply remains tight for used cars today, according to Cox, and is tighter than this same point both last year and pre-COVID. Used car dynamicsThe pandemic broke the used car market, and there is no "normal" for this market to return to. The ongoing UAW strike could also eventually threaten used car prices.

Persons: —, Cox, That's, It's, Chris Frey Organizations: Service, Manheim, UAW

Striking United Auto Workers members Laura Zielinski and Aisha Cochra hold their strike signs outside the Stellantis Jeep plant in Toledo, Ohio, U.S. September 19, 2023. The fledgling auto workers strike, if it lasts and broadens out, could be just that. A prolonged nationwide strike could put already-low inventory under heavy strain, posing "significant" upside risk to auto prices. The United Auto Workers strike against the 'Detroit Three' automakers General Motors, Ford and Stellantis entered its fifth day on Tuesday. Annual inflation has plummeted this year and by some measures now has, or is close to having, a "2" handle - the central bank's 2% goal is within sight.

Persons: Laura Zielinski, Aisha Cochra, Rebecca Cook, Morgan Stanley, Michael Feroli, JP Morgan, Cox, Stellantis, Morgan Stanley's Ellen Zentner, Jamie McGeever, Andrea Ricci Organizations: United Auto Workers, REUTERS, Rights, Fed, Reuters, U.S . Consumer, Bureau of Labor Statistics, General Motors, Ford, Cox Automotive, UAW, UBS, University, Thomson Locations: Toledo , Ohio, U.S, Rights ORLANDO , Florida, Detroit

☆ Used vehicle prices may have bottomed for 2023 after August increase
▼ + stars: | 2023-09-08 | by ( Michael Wayland | ) www.cnbc.com time to read: +2 min

DETROIT – Prices of wholesale used vehicles may have bottomed for the year, as Cox Automotive said prices last month increased for the first time since March. Cox reported Friday its Manheim Used Vehicle Value Index was 212.2 in August, up 0.2% from July. Retail prices for consumers traditionally follow changes in wholesale prices. The costs and scarcity of inventory led consumers to the used vehicle market, boosting those prices as well. Cox expects the used vehicle wholesale market to experience a "slow and gradual recovery" in prices to pre-pandemic levels by 2028.

Persons: Cox, Chris Frey, Frey Organizations: Cox Automotive Locations: Chicago , Illinois, DETROIT

☆ Morgan Stanley says stay away from Carvana as used-car seller still has a lot to prove
▼ + stars: | 2023-08-11 | by ( Pia Singh | ) www.cnbc.com time to read: +2 min

Although Carvana raised its guidance for the third quarter, Morgan Stanley still sees a shaky path forward for the used-car retailer. "Significant challenges remain with respect to the used car consumer and the viability of CVNA's long term business model," Jonas wrote in the note. "Even considering our expectation of continued recovery in the business and less bearish views on the used car market, the stock's reward-skew and downside to PT keeps us UW." Carvana shares got crushed last year, losing more than 97% as higher prices for used cars pressured the company. Still, Carvana "has a lot to prove, in our view," according to Jonas.

Persons: Carvana, Morgan Stanley, Adam Jonas, Jonas Organizations: UW Locations: FactSet, Manheim

☆ Morning Bid: A sticky inflation situation
▼ + stars: | 2023-08-10 | by ( ) www.reuters.com time to read: +5 min

With a relentless set of rate hikes, the Federal Reserve has managed to drive consumer price increases down to 3%, from last June's 9.1%. The Atlanta Fed compiles an index of core sticky consumer prices - goods or services for which the cost changes far more slowly. Reuters GraphicsLine chart with data from the Bureau of Economic Analysis and Federal Reserve shows PCE inflation slowed to 3% year-on-year in June, while core PCE inflation also eased to 4.2%. Chart shows economists polled by Reuters expecting the U.S. consumer price index to have increased 0.2% in July 2023 from the previous month, the same pace as June 2023. * Federal Reserve Bank of Atlanta President Raphael Bostic gives welcome remarks at a webinar, 1500 EDT/1900 GMT.

Persons: Brendan McDermid, Amanda Cooper, they're, Mary Daly, Raphael Bostic, Tomasz Janowski Organizations: New York Stock Exchange, REUTERS, Federal Reserve, American Automobile Association, Federal Reserve Bank, Cleveland, Atlanta Fed, Reuters Graphics, Reuters, Federal Reserve Bank of San Francisco, Yahoo Finance, Federal Reserve Bank of Atlanta, Thomson Locations: New York City, U.S, Manheim

☆ A manager at a Pennsylvania Wendy's invented a fake employee and pocketed wages of $20,000, police say
▼ + stars: | 2023-07-28 | by ( Grace Dean | ) www.businessinsider.com time to read: +2 min

The ex-manager of a Pennsylvania Wendy's made up a fake employee to pocket extra wages, police say. She manually clocked the "ghost employee" in and out for 128 shifts, police said. The woman was charged with theft by deception and an arrest warrant issued. In April, Johnson admitted to a police officer that she added Bright as an employee and created shifts he didn't work, police said. Wendy's didn't immediately respond to a request for comment from Insider, made outside normal working hours.

Persons: Linda Johnson, William Bright, Johnson, Wendy's didn't Organizations: Service, Police Department, Police, Lancaster Locations: Pennsylvania, Wall, Silicon, Lancaster, Manheim

☆ Used car prices expected to stabilize following major decline in June
▼ + stars: | 2023-07-10 | by ( Michael Wayland | ) www.cnbc.com time to read: +2 min

DETROIT – Wholesale used vehicle prices posted their largest decline last month since the beginning of the coronavirus pandemic, as prices are set to stabilize during the second half of this year. Cox Automotive reported Monday a 4.2% decline from May to June in its Manheim Used Vehicle Value Index to 215.1. The decline could help bring used vehicle pricing down for consumers in the months to come, as retail prices traditionally follow changes in wholesale prices. Cox Automotive expects wholesale used vehicle prices to be down roughly 1.1% at the end of this year compared to December 2022. Cox expects the used vehicle wholesale market to experience a "slow and gradual recovery" in prices to pre-pandemic levels by 2028.

Persons: Roger Beasley, Cox, Chris Frey, Jonathan Smoke Organizations: DETROIT –, Cox Automotive Locations: Austin , Texas, DETROIT

☆ Ray Dalio just named which major economy presents the biggest investment opportunity
▼ + stars: | 2023-06-24 | by ( Phil Rosen | ) www.businessinsider.com time to read: +3 min

This morning we have stories on Ray Dalio, the topsy-turvy housing market, troubled commercial real estate, and more. Ray Dalio said India presents the next big investment opportunity. Troubled assets in the sector just reached $64 billion, climbing 10% in the first quarter of the year. The housing market suggests that the US economy dodged the recession bullet. According to Carson Group, recent strength in housing starts and building permits indicates that construction groups are confident about demand.

Persons: I'm Phil Rosen, Ray Dalio, topsy, Buckle, Eoin Noonan, it's, There's, Warren Buffett, Melinda Gates, Fundstrat's Tom Lee, Phil Rosen, Jason Ma, Nathan Rennolds Organizations: Getty, Berkshire Hathaway, Melinda Gates Foundation, Carson Group, Manheim, Homeowners, Bank of America Locations: India, China, Russia, Ukraine, New York, Los Angeles, London

☆ Morgan Stanley expects the stock market to plunge. Others aren't so sure.
▼ + stars: | 2023-06-21 | by ( Phil Rosen | ) www.businessinsider.com time to read: +6 min

An American flag hangs behind traders working on the floor of the New York Stock Exchange (NYSE) on October 11, 2019 in New York City. Morgan Stanley, for example, has adopted a downbeat view for the months ahead. Falling prices, Morgan Stanley explained, can cut into revenue growth and weigh on earnings. "This should begin to hit asset prices by the end of this month and carry into the fall," Morgan Stanley strategists said. To Stockton, the S&P 500 could soon trade as high as 4,510, or about 3% higher than current levels.

Persons: I'm Phil Rosen, Jerome Powell, Drew Angerer, Morgan Stanley, Mike Wilson, Katie Stockton, Stockton, Morgan Stanley's bearishness, Rick Bowmer, Tom Lee, Phil Rosen, Jason Ma, Hallam Bullock Organizations: Capitol, Financial Services, Committee, Fed, New York Stock Exchange, NYSE, Advance, Bank of England, Patterson Companies, Winnebago Industries, Bloomberg, Manheim Locations: American, New York City, Stockton, Salt Lake City, London, China, Europe, New York, Los Angeles

☆ Still-hawkish Fed pauses rate tightening after 10 straight hikes
▼ + stars: | 2023-06-14 | by ( ) www.reuters.com time to read: +13 min

While the market expected a hawkish pause, this is even a little bit more hawkish than market participants anticipated and that’s why you’re having a negative reaction in risk assets. So, it does suggest that the Fed is looking to tighten policy further, but the big question is can the Fed credibly commit to two more rate hikes if they just decided to actually hold rates steady. And what is the threshold for further rate hikes? “GEORGE YOUNG, PORTFOLIO MANAGER, VILLERE & CO, NEW ORLEANS"This a pregnant pause, meaning that they said they're going to pause hikes today but they're going to increase later. ANGELO KOURKAFAS, SENIOR INVESTMENT STRATEGIST, EDWARD JONES, ST LOUIS"We're seeing a more hawkish pause.

Persons: QUINCY KROSBY, Powell, He’s, BRIAN JACOBSEN, MENOMONEE, ” ANDRZEJ SKIBA, ” GENNADIY GOLDBERG, they’ve, ” ELLEN HAZEN, Logan, Waller, “ GEORGE, ANGELO KOURKAFAS, EDWARD JONES, They've, MICHAEL BROWN, hawkishly, WHITNEY WATSON, GOLDMAN, “, STOVALL, ” PAUL NOLTE, MICHAEL JAMES Organizations: YORK, Federal Reserve, Federal, U.S, RBC, CPI, PPI, Powell &, Cleveland Fed, Global Finance, Markets, Thomson Locations: U.S, CHARLOTTE, NC, WISCONSIN, WELLESLEY , MASSACHUSETTS, ORLEANS, GOLDMAN SACHS, Manheim, ALLENTOWN, CHICAGO

☆ Used car prices are falling as sales soften amid high interest rates
▼ + stars: | 2023-06-07 | by ( Michael Wayland | ) www.cnbc.com time to read: +2 min

DETROIT – Wholesale used vehicle prices reached their lowest level of the year in May, as sales fell amid high interest rates and inflated retail prices. The declines in sales and wholesale prices signal the used vehicle market is weakening, according to Cox. Used vehicle prices have increasingly become a barometer for inflation since early last year when the Biden administration blamed the market for rising inflation rates. The costs and scarcity of inventory led consumers to the used vehicle market, boosting those prices as well. Continued declines could help bring used vehicle pricing down for consumers, since retail prices traditionally follow changes in wholesale prices.

Persons: Chris Frey, Cox, That's, Biden Organizations: DETROIT –, Cox Automotive, U.S Locations: Glendale , California, DETROIT

Ships in the Autonomous Port of Cotonou in Benin, West Africa. Prosper Dagnitche/AFP/Getty ImagesThe stream of used cars heading to West African ports is only expected to increase with the West’s shift to electric vehicles. “It’s not like people want to drive used cars; it’s an affordability issue.”Experts say demand for used cars could explode further as the take up of electric cars in the West increases the supply of used cars to African countries. Those states also have robust port operations, making them an ideal place to ship used cars to Africa. “In terms of where Africa goes, the transition shouldn’t necessarily be from used cars to brand new combustion engines, it should be from used cars to EVs,” Ipke said.

☆ Used vehicle prices fell last month for the first time in 2023
▼ + stars: | 2023-05-05 | by ( Michael Wayland | ) www.cnbc.com time to read: +2 min

DETROIT – Wholesale used vehicle prices declined last month for the first time this year, as automakers increase production of new cars and trucks. The costs and scarcity of inventory led consumers to buy used vehicles, increasing those prices as well. Further declines could help bring used vehicle pricing down for consumers, since retail prices traditionally follow changes in wholesale prices. Used vehicle prices have increasingly become a point of interest for investors and the Biden administration as a barometer for easing inflation. The administration early last year blamed much of the rising inflation rates in the country on the used vehicle market.

☆ Car dealers reveal the 9 questions you should always ask before buying
▼ + stars: | 2023-04-08 | by ( Alexa St. John | ) www.businessinsider.com time to read: +9 min

Many of the car brands with more inventory on lots than others might also have higher loan payments. "The role of a dealer isn't just to sell them a car, it's to help them find the lowest interest rate possible, and that's both new car dealers and used car dealers. "Even based on the specific car, one bank may provide a lower interest rate on a specific sort of make and model." The used car market might be even more complicated for car shoppers than the new market right now. As a result, far fewer car shoppers have opted to lease a car in recent years.

☆ 9 questions you should always ask when buying a car
▼ + stars: | 2023-03-15 | by ( Alexa St. John | ) www.businessinsider.com time to read: +9 min

☆ Used vehicle prices rising at an unseasonably strong rate
▼ + stars: | 2023-03-07 | by ( Michael Wayland | ) www.cnbc.com time to read: +2 min

DETROIT — Consumers hoping for a deal this spring on a used car or truck might be out of luck, as wholesale used vehicle prices increased for a third consecutive month in February. Cox Automotive on Tuesday reported wholesale used vehicle prices increased 4.3% in February from January — marking the largest increase between the two months since 2009. Higher interest rates mean vehicles become less affordable for consumers, who have been dealing with record-high new and used vehicle prices for several years now. Retail prices for consumers traditionally follow changes in wholesale prices. Cox estimates that used vehicle retail sales declined 5% from January to February and were down 9% from a year earlier.

☆ After a steep fall, used car prices poised to rise again
▼ + stars: | 2023-02-18 | by ( Chris Isidore | ) edition.cnn.com time to read: +5 min

That shortage of new car inventory helped drive both new and use car prices to record levels earlier last year. The disruptions to the new car market at that time are about to be felt by today’s used car market. “And that’s going to impact wholesale prices and ultimately, retail prices.”It’s tough to know how long the rise in used car prices will last. The drop in used car prices has been a major factor in the slowing of inflation, but a sustained rise in used car prices could make it more difficult for the Fed to pull back on rate hikes. And prices would have risen 6.9% over the same 12 month period if used car prices had posted such a steep decline and instead just stayed unchanged.

☆ Used vehicle prices swing higher amid unseasonably high demand in January
▼ + stars: | 2023-02-07 | by ( Michael Wayland | ) www.cnbc.com time to read: +2 min

The automotive data firm's Manheim Used Vehicle Value Index was down 12.8% in January from inflated levels a year earlier but was up 2.5% compared with December. Used vehicle prices have increasingly become a point of interest for investors and the Biden administration as a barometer for easing inflation. The administration early last year blamed much of the rising inflation rates in the country on the used vehicle market. The Manheim Used Vehicle Value Index posted a 15% decline last year as buyers held off from purchasing a used vehicle due to record-high prices. It forecasted wholesale prices on its Manheim Used Vehicle Value Index to end 2023 down 4.3% from December 2022.

☆ Falling Car Prices Will Slow Detroit’s Profit Machine
▼ + stars: | 2023-01-10 | by ( Stephen Wilmot | ) www.wsj.com time to read: 1 min

For the fortunate few that can pay in cash, conditions are gradually getting better for buying a car. By the same token they are getting worse for companies on the other side of the trade. The closely watched Manheim Used Vehicle Value Index, which tracks wholesale auction values in the U.S., finished 2022 down 14.9%, its worst ever annual result and far worse than the 3% decline forecast at the start of the year by Cox Automotive, the data provider that crunches the numbers. Adjusted for mix, mileage and seasonality, the index did tick up in December, breaking a 12-month downward trend, but Cox said Monday that it doesn’t expect that to mark the bottom. It is forecasting a further 4.3% decline this year as interest-rate increases reduce buyers’ purchasing power, with the market reaching a more normal equilibrium in the second half.

☆ Used vehicle prices are falling but not enough to offset grossly inflated levels
▼ + stars: | 2023-01-09 | by ( Michael Wayland | ) www.cnbc.com time to read: +2 min

DETROIT — Used vehicle prices are expected to come down further this year amid rising interest rates and improved availability of new cars and trucks, according to Cox Automotive. The automotive data firm expects wholesale prices on its Manheim Used Vehicle Value Index, which tracks prices of used vehicles sold at its U.S. wholesale auctions, to end the year down 4.3% from December 2022. As supply in new improves demand for us is declining," Cox Automotive chief economist Jonathan Smoke said Monday. The declining rates are good news for the Biden administration, which a year ago blamed much of the rising inflation rates in the country on the used vehicle market. The Manheim Used Vehicle Value Index increased by less than 1% from November to December.

☆ Automakers won’t go back to normal
▼ + stars: | 2023-01-04 | by ( Jonathan Guilford | ) www.reuters.com time to read: +3 min

NEW YORK, Jan 4 (Reuters Breakingviews) - For U.S. automakers, 2023 is all about trying to stay in their lane. That left 2021 at around 15 million sales; full-year 2022 sales are likely to come in at 13.7 million, according to Cox Automotive. But while supplies may return to normal, the industry might not follow suit. Automakers’ production may not return either, though. Some automakers may want a controlled exit from the pandemic – but getting everyone to play along is another matter.

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