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CU System
Daily used-vehicle value changes hit record
LAUREL, Md. (6/11/09)--Credit unions will see some dramatic changes in the prices of the used vehicles they finance and a tighter used-auto market. The number of used vehicles whose value changed on Monday totaled 10,036--a single-day record and double the previous high, according to Black Book, which monitors vehicle-pricing data. Of that total, 9,476 used vehicles increased in value, while only 560 declined. The average dollar increase was $253 and the average decrease was $102. "We have been updating our used-vehicle values on a daily basis for a little over a year now, and we have never seen the volume of changes in a single day that we saw on Monday," said Ricky Beggs, Black Book's vice president and managing editor. He noted the 10,036 changes made by editors is "roughly double the previous high." Most of the changes were in the "extra-clean" and "clean" categories. That "reinforces the idea that really nice, low-mileage used vehicles have become fairly scarce due to the drop off in new-vehicle sales, and that dealers are willing to pay more for them," Beggs said. Last year the Laurel, Md.-based publisher "saw selected vehicles dropping over a thousand dollars a day, and many of those same vehicles have been rising steadily since the first of the year," said Black Book President Tom Cross. He noted that dealers need to keep their lots stocked with inventory and know what a vehicle is worth on any given day if they hope to be successful.
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