Hertz Global Holdings, Inc is the latest company to comment on the deterioration of the auto market in 2017.According to Hertz, the company’s vehicle depreciation increased by 15 percent in the first quarter of the year. In the company’s earnings presentation, Hertz projected a 3 percent decline in used car prices in 2017.However, with new vehicle sales time and dealer incentives both at their highest levels since 2009 and a sharp decline in auto credit quality in recent months, Height Securities' Edwin Groshans believes used car prices could take a much more severe hit in coming years that the industry is expecting.“Pressure on used car prices from higher interest rates, credit normalization, and off-lease volumes will likely take the help for the balance of 2017 and pressure used vehicle prices at a pace that exceeds industry expectations,” Groshans explains.Read more