{"version":"1.0.0","episode":{"title":"CARMAX Just Sounded The USED CAR Market ALARM | Episode 996","url":"http://getcarcurious.com/episodes/carmax-just-sounded-the-used-car-market-alarm-episode-996","audioUrl":"https://pdrl.fm/3359a6/pscrb.fm/rss/p/mgln.ai/e/1385/injector.simplecastaudio.com/14b42e71-1f9c-41b2-944f-bc8f2b3a3cb9/episodes/9b524ab0-b131-4ab8-9791-5f25f5ea3894/audio/128/default.mp3?aid=rss_feed&awCollectionId=14b42e71-1f9c-41b2-944f-bc8f2b3a3cb9&awEpisodeId=9b524ab0-b131-4ab8-9791-5f25f5ea3894&feed=gkrQ6WSC","description":"Today on CarEdge Live, Ray and Zach discuss the latest news from CarMax ... Tune in to learn more! Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com\nfor information about our collection and use of personal data for\nadvertising.\n"},"annotations":[{"startTime":3.2399999999999993,"endTime":12.18,"type":"car","title":"Toyota Corolla","url":"/cars/toyota/corolla","image":"https://upload.wikimedia.org/wikipedia/commons/c/c6/1969_Toyota_Corolla_1200.jpg","quote":"...ota says you can have it all, with the Camry, the Corolla, and the Corolla  Cross.","canonicalId":"car:toyota:corolla","priority":0.5,"source":"hybrid-fuzzy+gpt-4o-mini","data":{"explanation":"The Toyota Corolla is a compact car known for its reliability, fuel efficiency, and affordability. It has been one of the best-selling cars worldwide for decades, making it a significant model in the automotive industry.","simplifiedExplanation":"The Toyota Corolla is a small car that many people buy because it's dependable and doesn't use a lot of gas. It's popular around the world and is often chosen for its low cost and good reputation.","imageAttribution":"TTTNIS (CC0)"}},{"startTime":3.2399999999999993,"endTime":12.18,"type":"car","title":"Toyota Camry","url":"/cars/toyota/camry","image":"https://upload.wikimedia.org/wikipedia/commons/b/bc/%28USA-Massachusetts%29_Private_Toyota_Camry_NJ-Z22UKZ_rear_2024-06-06.jpg","quote":"... Savvy, Toyota says you can have it all, with the Camry, the Corolla, and the Corolla  Cross.","canonicalId":"car:toyota:camry","priority":0.5,"source":"hybrid-fuzzy+gpt-4o-mini","data":{"imageAttribution":"S5A-0043 (CC BY 2.0)"}},{"startTime":110.3,"endTime":115.6,"type":"concept","title":"hybrid powertrain","url":"/glossary/hybrid-powertrain","quote":"An available iForceMax hybrid powertrain belts out up to 326 horsepower.","canonicalId":"concept:hybrid-powertrain","priority":0.5,"confidence":0.85,"source":"hybrid-fuzzy+gpt-4o-mini","data":{"explanation":"A hybrid powertrain combines an internal combustion engine with an electric motor to improve fuel efficiency and reduce emissions. This technology allows for better performance while being more environmentally friendly.","simplifiedExplanation":"A hybrid powertrain uses both a gas engine and an electric motor, which helps save fuel and is better for the environment. It can give you more power while using less gas."}},{"startTime":110.3,"endTime":115.6,"type":"term","title":"horsepower","url":"/glossary/horsepower","quote":"An available iForceMax hybrid powertrain belts out up to 326 horsepower.","canonicalId":"term:horsepower","priority":0.5,"confidence":0.9,"source":"hybrid-fuzzy+gpt-4o-mini","data":{"explanation":"Horsepower is a unit of measurement for power, indicating how much work an engine can perform over time. In vehicles, higher horsepower typically means better acceleration and performance.","simplifiedExplanation":"Horsepower is a way to measure how powerful an engine is. More horsepower usually means the car can go faster and accelerate better."}},{"startTime":159.0,"endTime":169.2,"type":"term","title":"Carvana","url":"/glossary/carvana","quote":"I will say this, yesterday I received an email from Carvana, in regards to one of the old clubmen that I used to own, and if you remember on the 22nd of December, I got a notice from them that the value of the vehicle had fallen to $19,600...","canonicalId":"term:carvana","priority":0.9,"confidence":0.9,"source":"hybrid-fuzzy+gpt-4o-mini","data":{"explanation":"Carvana is an online used car retailer that allows customers to buy and sell vehicles through their website. They offer a unique car vending machine experience and provide home delivery for purchased vehicles.","simplifiedExplanation":"Carvana is a company that sells used cars online. You can buy a car from them without going to a dealership, and they even deliver it to your home."}},{"startTime":169.2,"endTime":178.0,"type":"term","title":"clubman","url":"/glossary/clubman","quote":"...in regards to one of the old clubmen that I used to own, and if you remember on the 22nd of December, I got a notice from them that the value of the vehicle had fallen to $19,600...","canonicalId":"term:clubman","priority":0.5,"confidence":0.85,"source":"hybrid-fuzzy+gpt-4o-mini","data":{"explanation":"The term 'clubman' typically refers to a variant of the Mini Cooper, known for its extended length and additional rear doors, making it more practical for passengers and cargo. It's a popular choice among those looking for a compact yet versatile vehicle.","simplifiedExplanation":"A clubman is a type of Mini Cooper that has more space and extra doors. It's designed to be a bit more practical than the regular Mini, making it easier to get in and out of the back seats."}},{"startTime":178.0,"endTime":188.1,"type":"term","title":"vehicle value","url":"/glossary/vehicle-value","quote":"...that the value of the vehicle had fallen to $19,600, and yesterday I got an email from Carvana saying, great news, as of January 7th, that very same clubman is now worth $20,600...","canonicalId":"term:vehicle-value","priority":0.5,"confidence":0.9,"source":"hybrid-fuzzy+gpt-4o-mini","data":{"explanation":"Vehicle value refers to the monetary worth of a car, which can fluctuate based on various factors such as market demand, condition, mileage, and age. Understanding vehicle value is crucial for buying, selling, or trading in a car.","simplifiedExplanation":"Vehicle value is how much a car is worth. It can go up or down depending on things like how old it is, how many miles it has, and how much people want to buy it."}},{"startTime":290.1,"endTime":314.4,"type":"concept","title":"underwater inventory","url":"/glossary/underwater-inventory","quote":"Yeah, it's almost as if he's saying that their inventory is underwater. Oftentimes, dealerships will look at their used-car inventory, and they'll suddenly realize that the $1,000,000 worth of used-cars that they have on the ground is only worth $750,000.","canonicalId":"concept:underwater-inventory","priority":0.9,"confidence":0.9,"source":"hybrid-fuzzy+gpt-4o-mini","data":{"explanation":"Underwater inventory refers to a situation where the value of a dealership's vehicle stock is less than the amount they paid for it. This can occur due to market fluctuations or overvaluation at the time of purchase, leading to financial strain as the dealership must sell these vehicles at a loss.","simplifiedExplanation":"When a dealership's cars are worth less than what they paid for them, it's called being 'underwater' on their inventory. This means they might have to lower prices to sell those cars and recover some money."}},{"startTime":402.14,"endTime":404.02,"type":"car","title":"Ford F150","url":"/cars/ford/f-150","image":"https://upload.wikimedia.org/wikipedia/commons/5/56/2022_Ford_F-150_Lightning_Rear.jpg","quote":"Let's look at a Ford F-150. Okay, we're going to go with America's favorite used car.","canonicalId":"car:ford:f-150","priority":0.5,"source":"hybrid-fuzzy+gpt-4o-mini","data":{"explanation":"The Ford F-150 is one of the best-selling pickup trucks in the United States, known for its durability, versatility, and range of configurations.","simplifiedExplanation":"The Ford F-150 is a popular pickup truck that many people in the U.S. use for work and personal purposes because it's strong and can carry a lot of stuff.","imageAttribution":"UltraTech66 (CC BY-SA 4.0)"}},{"startTime":418.6,"endTime":423.1,"type":"concept","title":"best-selling used vehicle","url":"/glossary/best-selling-used-vehicle","quote":"The Ford F-150 maintains its decades-long grip as the best-selling used vehicle in America.","canonicalId":"concept:best-selling-used-vehicle","priority":0.5,"confidence":0.9,"source":"hybrid-fuzzy+gpt-4o-mini","data":{"explanation":"The term 'best-selling used vehicle' refers to the vehicle that has the highest sales numbers in the used car market. This can indicate popularity, reliability, and demand among consumers.","simplifiedExplanation":"The best-selling used vehicle is the car that people buy the most when they are looking for a used car. It shows which cars are popular and trusted by buyers."}},{"startTime":499.8,"endTime":502.5,"type":"term","title":"fair price","url":"/glossary/fair-price","quote":"The first question I'm asking is, is this a fair price?","canonicalId":"term:fair-price","priority":0.5,"confidence":0.85,"source":"hybrid-fuzzy+gpt-4o-mini","data":{"explanation":"A fair price refers to a price that accurately reflects the value of a vehicle based on its condition, mileage, and market demand. It's important for buyers to assess whether they're getting a good deal.","simplifiedExplanation":"A fair price is what you should expect to pay for a car based on how much it's worth. It helps you know if you're getting a good deal or not."}},{"startTime":516.8,"endTime":516.8,"type":"term","title":"mileage","url":"/glossary/mileage","quote":"...the mileage is a bit high for the year.","canonicalId":"term:mileage","priority":0.5,"confidence":0.9,"source":"hybrid-fuzzy+gpt-4o-mini","data":{"explanation":"Mileage refers to the total distance a vehicle has traveled, usually measured in miles. Higher mileage can indicate more wear and tear, potentially affecting the vehicle's value and reliability.","simplifiedExplanation":"Mileage is how far a car has been driven, measured in miles. A car with high mileage may have more wear and tear than one with low mileage."}},{"startTime":568.5,"endTime":572.8,"type":"term","title":"miles","url":"/glossary/miles","quote":"Yes, with 53,000 miles. So many miles. It's a lot of miles for the year.","canonicalId":"term:miles","priority":0.5,"confidence":0.9,"source":"hybrid-fuzzy+gpt-4o-mini","data":{"explanation":"In automotive terms, 'miles' refers to the distance a vehicle has traveled, which is an important factor in assessing its condition and value. Higher mileage can indicate more wear and tear on the vehicle.","simplifiedExplanation":"'Miles' means how far a car has driven. The more miles, the more wear and tear it might have, which can affect how much it's worth."}},{"startTime":578.0,"endTime":579.1,"type":"term","title":"trim","url":"/glossary/trim","quote":"I'm not doing the same trim. The trim was what, a Lariat, I think?","canonicalId":"term:trim","priority":0.5,"confidence":0.85,"source":"hybrid-fuzzy+gpt-4o-mini","data":{"explanation":"In automotive terms, 'trim' refers to the different versions of a car model that offer varying features, options, and price points. Each trim level can include different interior materials, technology, and performance enhancements.","simplifiedExplanation":"Trim is like different versions of the same car that have different features. Some trims are fancier or have more options than others."}},{"startTime":600.8,"endTime":605.4,"type":"term","title":"MSRP","url":"/glossary/msrp","quote":"...four model years old, okay? 80,000 miles. That's 20,000 miles a year. And you want to try and sell it for $40,000.","canonicalId":"term:msrp","priority":0.9,"confidence":0.9,"source":"hybrid-fuzzy+gpt-4o-mini","data":{"explanation":"MSRP stands for Manufacturer's Suggested Retail Price, which is the price that the manufacturer recommends for a vehicle. It serves as a guideline for dealerships and consumers when buying a car.","simplifiedExplanation":"MSRP is the price that the car maker suggests you should pay for a new car. It's like a starting point for negotiations when buying a vehicle."}},{"startTime":605.36,"endTime":607.6,"type":"car","title":"Ford Four Model","url":"/cars/ford/model-t","image":"https://upload.wikimedia.org/wikipedia/commons/9/95/1924_Ford_Model_T_Flivver_IAA_2023_1X7A0610.jpg","quote":"three model years old, 23, 24, 25, or into 26.  Four model years old, okay?  80,000 miles.","canonicalId":"car:ford:model-t","priority":0.5,"source":"hybrid-fuzzy+gpt-4o-mini","data":{"explanation":"The Ford Model T, produced from 1908 to 1927, is often credited with revolutionizing the automotive industry by making cars affordable for the average person. It introduced assembly line production, which significantly lowered manufacturing costs and changed how cars were made.","simplifiedExplanation":"The Ford Model T is one of the first cars that many people could actually afford to buy. It changed how cars were made and helped more people own a vehicle, making it a big deal in car history.","imageAttribution":"Alexander-93 (CC BY-SA 4.0)"}},{"startTime":753.7,"endTime":757.3,"type":"term","title":"dealer fees","url":"/glossary/dealer-fees","quote":"...it's really kind of crazy when you look at these numbers.","canonicalId":"term:dealer-fees","priority":0.5,"confidence":0.75,"source":"hybrid-fuzzy+gpt-4o-mini","data":{"explanation":"Dealer fees are additional charges that car dealerships may add to the price of a vehicle. These can include documentation fees, preparation fees, and other costs associated with the sale.","simplifiedExplanation":"Dealer fees are extra costs that car dealerships might charge when you buy a car. They can include things like paperwork fees and other charges that aren't part of the car's price."}},{"startTime":768.5,"endTime":772.2,"type":"term","title":"Out-the-door price","url":"/glossary/out-the-door-price","quote":"If you go to the out the door calculator. Your wish, my command. So we're looking at, what, somewhere around $43,000, $44,000 out the door?","canonicalId":"term:out-the-door-price","priority":0.9,"confidence":0.9,"source":"hybrid-fuzzy+gpt-4o-mini","data":{"explanation":"The out-the-door price includes the total cost of purchasing a vehicle, encompassing the vehicle price, taxes, registration fees, and any dealer fees. It represents the final amount a buyer will pay to drive the car off the lot.","simplifiedExplanation":"Out-the-door price is how much you actually pay for a car after adding everything together, like taxes and fees. It's the total cost to get the car home."}},{"startTime":792.5,"endTime":798.7,"type":"term","title":"Interest rate","url":"/glossary/interest-rate","quote":"Okay, and the average interest rate on a pre-owned vehicle? Yeah, it's not eight, it's closer to 10.","canonicalId":"term:interest-rate","priority":0.5,"confidence":0.9,"source":"hybrid-fuzzy+gpt-4o-mini","data":{"explanation":"The interest rate on a vehicle loan is the percentage of the loan amount that a lender charges for borrowing money. It affects the total cost of the vehicle over time, as higher rates increase monthly payments and overall loan costs.","simplifiedExplanation":"The interest rate is how much extra money you pay when you borrow money to buy a car. A higher interest rate means you'll pay more each month."}},{"startTime":818.2,"endTime":824.9,"type":"term","title":"new car payment","url":"/glossary/new-car-payment","quote":"That is the average new car payment today is $772. But again, Dad, that's actually in that market area, the lowest priced F-150, aside from one other one.","canonicalId":"term:new-car-payment","priority":0.9,"confidence":0.9,"source":"hybrid-fuzzy+gpt-4o-mini","data":{"explanation":"The average new car payment refers to the typical monthly payment that buyers make when financing a new vehicle. This figure can vary based on the vehicle's price, loan terms, and interest rates.","simplifiedExplanation":"A new car payment is how much money you pay each month when you buy a new car on credit. It can change depending on how much the car costs and how long you take to pay it off."}},{"startTime":835.4,"endTime":837.66,"type":"term","title":"used car prices","url":"/glossary/used-car-prices","quote":"It is an indication that used car prices across the board,","canonicalId":"term:used-car-prices","priority":0.5,"confidence":0.9,"source":"hybrid-fuzzy+gpt-4o-mini","data":{"explanation":"Used car prices refer to the cost of purchasing pre-owned vehicles. These prices can fluctuate based on market demand, vehicle condition, and other economic factors.","simplifiedExplanation":"Used car prices are how much you have to pay for a car that someone else has already owned. These prices can go up or down depending on how many people want to buy used cars."}},{"startTime":937.5,"endTime":941.7,"type":"company","title":"CarMax","url":"/glossary/carmax","quote":"Again, CarMax is coming out and saying we need to cut prices to try and drive sales. CarMax and Cargon are the two largest used car dealers in the United States.","canonicalId":"company:carmax","priority":0.9,"confidence":0.9,"source":"hybrid-fuzzy+gpt-4o-mini","data":{"explanation":"CarMax is one of the largest used car retailers in the United States, known for its no-haggle pricing and large inventory of vehicles.","simplifiedExplanation":"CarMax is a big company that sells used cars. They have a lot of cars to choose from and make buying easier by having fixed prices without negotiations."}},{"startTime":1055.5,"endTime":1060.8,"type":"concept","title":"retail automotive","url":"/glossary/retail-automotive","quote":"So if this is the new normal and it appears that it is, this is really the death knell of retail automotive as we know it. And what do I mean by that?","canonicalId":"concept:retail-automotive","priority":0.9,"confidence":0.9,"source":"hybrid-fuzzy+gpt-4o-mini","data":{"explanation":"Retail automotive refers to the traditional model of selling cars directly to consumers through dealerships. This model is being challenged by rising vehicle prices and alternative transportation options like ride-sharing services.","simplifiedExplanation":"Retail automotive is how cars are usually sold in stores called dealerships. But now, with high prices and options like Uber and Lyft, fewer people might want to buy their own cars."}},{"startTime":1060.8,"endTime":1069.5,"type":"concept","title":"ride-sharing services","url":"/glossary/ride-sharing-services","quote":"You will see people utilizing Uber, Lyft, robo taxis, Waymo, whatever the hell it is, but people won't be owning their own cars.","canonicalId":"concept:ride-sharing-services","priority":0.5,"confidence":0.9,"source":"hybrid-fuzzy+gpt-4o-mini","data":{"explanation":"Ride-sharing services like Uber and Lyft allow users to request rides from drivers using a mobile app, providing an alternative to car ownership. These services are becoming increasingly popular as they offer convenience and cost savings for many people.","simplifiedExplanation":"Ride-sharing services are apps like Uber and Lyft that let you get a ride from someone else instead of owning a car. This can be cheaper and easier for many people."}},{"startTime":1100.38,"endTime":1104.34,"type":"car","title":"Toyota Tacoma","url":"/cars/toyota/tacoma","image":"https://upload.wikimedia.org/wikipedia/commons/c/ca/Second_Gen_Toyota_Tacoma_on_Snowy_Mountain_-_2019.jpg","quote":"...tomobile ownership.  Dear Unstoppable, the Toyota Tacoma is raring to go.  With more muscle and more metal...","canonicalId":"car:toyota:tacoma","priority":0.5,"source":"hybrid-fuzzy+gpt-4o-mini","data":{"explanation":"The Toyota Tacoma is a midsize pickup truck that is well-regarded for its off-road capability, durability, and versatility. It has a strong following among truck enthusiasts and is often praised for its rugged build and reliability.","simplifiedExplanation":"The Toyota Tacoma is a type of truck that can handle rough roads and tough jobs. It's known for being strong and lasting a long time, making it a favorite for people who need a reliable vehicle.","imageAttribution":"Noah Wulf (CC BY-SA 4.0)"}},{"startTime":1146.1,"endTime":1148.8,"type":"company","title":"Cox Automotive","url":"/glossary/cox-automotive","quote":"I bring this up in the context of Cox Automotive. They own Mannheim auctions, which are the largest car dealer used car auctions out there.","canonicalId":"company:cox-automotive","priority":0.5,"confidence":0.9,"source":"hybrid-fuzzy+gpt-4o-mini","data":{"explanation":"Cox Automotive is a company that provides services to the automotive industry, including data analytics and auction services. They own Mannheim auctions, which are significant for used car sales.","simplifiedExplanation":"Cox Automotive is a company that helps car dealers and buyers with information and services related to buying and selling cars, including auctions."}},{"startTime":1148.8,"endTime":1153.9,"type":"company","title":"Mannheim auctions","url":"/glossary/mannheim-auctions","quote":"They own Mannheim auctions, which are the largest car dealer used car auctions out there.","canonicalId":"company:mannheim-auctions","priority":0.5,"confidence":0.9,"source":"hybrid-fuzzy+gpt-4o-mini","data":{"explanation":"Mannheim auctions are the largest used car auctions in the United States, owned by Cox Automotive. They play a crucial role in the used car market by facilitating sales between dealers.","simplifiedExplanation":"Mannheim auctions are big events where car dealers buy and sell used cars. They help dealers find the cars they need for their lots."}},{"startTime":1275.2,"endTime":1277.5,"type":"term","title":"VIN","url":"/glossary/vin","quote":"I'm going to do the VIN search. Oh my God.","canonicalId":"term:vin","priority":0.5,"confidence":0.9,"source":"hybrid-fuzzy+gpt-4o-mini","data":{"explanation":"VIN stands for Vehicle Identification Number, a unique code used to identify individual motor vehicles. It contains information about the vehicle's make, model, year, and place of manufacture.","simplifiedExplanation":"A VIN is like a car's fingerprint. It's a special number that helps you find out details about the car, like who made it and when."}},{"startTime":1279.4,"endTime":1283.0,"type":"term","title":"window sticker","url":"/glossary/window-sticker","quote":"Okay, so we've got here the vehicle, the window sticker, for the most part, it should be accurate here.","canonicalId":"term:window-sticker","priority":0.5,"confidence":0.9,"source":"hybrid-fuzzy+gpt-4o-mini","data":{"explanation":"The window sticker, also known as the Monroney label, is a label that displays the vehicle's price, specifications, and features. It is required by law to be displayed on new cars for sale.","simplifiedExplanation":"The window sticker is a piece of paper attached to a new car that shows how much it costs and what features it has. It's like a menu for the car."}},{"startTime":1294.1,"endTime":1294.7,"type":"term","title":"brand new","url":"/glossary/brand-new","quote":"It was $23,000 brand new.","canonicalId":"term:brand-new","priority":0.5,"confidence":0.9,"source":"hybrid-fuzzy+gpt-4o-mini","data":{"explanation":"'Brand new' refers to a vehicle that has never been owned or used before. It is typically sold directly from a dealership and comes with a full manufacturer's warranty.","simplifiedExplanation":"When a car is called 'brand new,' it means no one has ever owned it before. It's fresh from the factory and usually comes with a warranty."}},{"startTime":1349.4,"endTime":1355.3,"type":"term","title":"depreciation","url":"/glossary/depreciation","quote":"So even if it was $25,000, we're not talking a big amount of depreciation here from the past couple of years.","canonicalId":"term:depreciation","priority":0.5,"confidence":0.85,"source":"hybrid-fuzzy+gpt-4o-mini","data":{"explanation":"Depreciation refers to the reduction in the value of a vehicle over time, usually due to wear and tear, age, and market demand. It's an important factor to consider when buying or selling a car.","simplifiedExplanation":"Depreciation is how much a car loses value as it gets older. For example, a new car is worth less after a few years because it's used and not as 'new' anymore."}},{"startTime":1681.7,"endTime":1684.9,"type":"concept","title":"dealer markup","url":"/glossary/dealer-markup","quote":"...as a result, these car dealers have to drop prices. That's the only thing that they can do to sell the inventory.","canonicalId":"concept:dealer-markup","priority":0.5,"confidence":0.85,"source":"hybrid-fuzzy+gpt-4o-mini","data":{"explanation":"Dealer markup refers to the additional amount that a dealership adds to the MSRP of a vehicle. This can lead to prices that are significantly higher than the manufacturer's suggested price, especially in high-demand situations.","simplifiedExplanation":"Dealer markup is when a car dealer charges more than the price suggested by the manufacturer. This can happen when a car is very popular or in short supply."}}],"speakers":[{"id":"s1","name":"Ray","role":"host"},{"id":"s2","name":"Zach Shefska","role":"host"},{"id":"s3","name":"Bleav","role":"host"}],"transcripts":[{"url":"http://getcarcurious.com/episodes/carmax-just-sounded-the-used-car-market-alarm-episode-996/transcript.vtt","type":"text/vtt"}]}