Vehicle repossessions reached an all-time high last year, according to vehicle auction service Manheim. 1.67 million vehicles were repossessed, a 12 percent climb over the year before. A Manheim auction analyst said that he expects repos to rise a little in 2008, but that he also expects the wholesale market to stabilize or even rise a little.
“They will certainly be up in first half of this year, and with the labor market deteriorating so substantially, it might be up quite a bit and might offset the decline I expect in the second half of the year,” Manheim’s Tom Webb said during a media conference call earlier today.
The wholesale market has taken a beating the last few months as a result of dwindling credit and hefty new car inventories at dealerships. Webb said that he expects it to stabilize over time as new car inventories begin to drop. Currently, most dealerships are overloaded with unsold new cars – meaning that new car discounts often put vehicles in the range of late-model used cars. But with decreased production, record incentives and the thawing of the credit freeze, expect those inventories to drop.
New car sales to rental fleets are also down substantially – about 20 percent. Webb said that he wouldn’t expect sales to rental fleets to “rebound any time soon.”
01/08, 4:50 PM
posted by:
A4
hahahah what a stupid picture
01/08, 4:53 PM
posted by:
Mutant@DCX
No mo’ money
car thefts and carjackings, watch these numbers rise.
01/08, 4:59 PM
posted by:
Need more oil for GM is an idiot
What?! That picture rules !
01/08, 5:56 PM
posted by:
jackjimturkey
1 Hendrix
2 Clapton
3 Page
4 Beck
5 Iommi
6 Angus
7 Richards
8 Hammett
9 Blackmore
10 Slash
You could tell by springtime that this would be a problem.
This will hurt resale values. Both real and theoretical.
and yeah, that picture rules
01/08, 6:36 PM
posted by:
Lariat Luxury Locomotive Liner No.3
@ jackjimturkey,
.
1 Hendrix
2 Clapton
3 Page
.
I’m with you in this genre…well, at least the first three.
01/08, 7:20 PM
posted by:
moparsalesman
doesnt that picture look like emelio estevez in that movie where all the vehicles came to life and started killing the humans?
01/08, 8:36 PM
posted by:
beatusmongous
It IS Emilio Estevez, and it was a movie called “Repo Man” from the early eighties. Good B flick.
01/08, 9:00 PM
posted by:
johnnycanuck
beatus, you’ll be happy to know production has started on “Repo Chick”, the sequel to the ‘84 original. And in the best B flicks the B always stands for boobies!
By the way, are you back for real now or still entrenched in the moving business?
01/08, 10:42 PM
posted by:
bimmer_mann_18
That’s why they have the show on Discovery Channel on Wednesdays.
01/09, 6:45 AM
posted by:
howsmydriving
More of a cult classic than a B flick.
01/09, 7:22 AM
posted by:
JohnnyBlazE
Cult classic indeed… enjoyable movie!
01/09, 11:53 AM
posted by:
KuroSyn
That’s probably the best pic I’ve seen on LLN in a long time xD
01/09, 12:48 PM
posted by:
injunraiv
Pair this story with the one saying Rolls Royce posted a 20% increase in sales and you get a wierd picture of the economic climate of the times.
01/09, 12:48 PM
posted by:
beatusmongous
Not back for real. I’m still moving. But I do get a few minutes every now and then to check out LLN.