We find ourselves right in the middle of one of the most unusual automotive markets any of us can remember. Inventory shortages on the new and used car sides, along with the corresponding price increases, have been dominating the headlines. However, there’s one area that’s been deeply affected by COVID-19 that hasn’t gotten a lot … Continued
A replay of the Q2 2021 Manheim Used Vehicle Value Index Call hosted by Cox Automotive Chief Economist Jonathan Smoke and Kayla Reynolds, industry intelligence analyst for Cox Automotive, is available below. Smoke and Reynolds were joined by Kevin Chartier, vice president of Manheim Consulting, and Joe Kichler, vice president of Manheim Logistics. Chartier highlighted key wholesale … Continued
While not all automakers have finalized their sales results for the first half yet, the direction for the industry is clear: The sales frenzy that fueled the market through the spring has clearly passed. June new-vehicle sales appear to be coming in below our initial forecast, and we expect limited supply is the cause. Inventory has been … Continued
At the 2021 Mid-Year review held on June 28, the Cox Automotive Industry Insights team presented their view of the first half of the year. Led by Chief Economist Jonathan Smoke, the team provided insights and data to help quantify how the consumer, the industry and the economy performed in the first half of 2021 … Continued
Welcome to another edition of Dealer Advantage on CBT News. Lori Wittman, senior vice president of Dealer Software Solutions, Cox Automotive, hosts a conversation with Linda Crossman of Byers Auto Group about exploring paths to thrive and profit in today’s automotive retail environment. For more information on the Thrivers Study, download the Thrivers eBook here.
Attracting and retaining employees has been a long-standing challenge for automotive dealerships, and it is especially now as we find ourselves in the midst of a tighter than the normal labor market. As the competition for talent continues to heat up, dealers find themselves often competing with employers in other industries in addition to other dealerships. This … Continued
Derived from a quarterly survey that Cox Automotive issues to a representative sample of franchised and independent auto dealers from around the country, the Cox Automotive Dealer Sentiment Index (CADSI) measures dealer perceptions of current retail auto sales and sales expectations for the next three months as “strong,” “average” or “weak.” The survey also asks … Continued
June is National Safety Month and, more than ever, the past year has pushed us to think more deeply about how safety must continue to be a core part of our strategic goals. The global pandemic was for Cox Automotive, as it was for everyone, a crash course in workplace safety, requiring us to create and adhere … Continued
May automobiles sales are being reported by some automakers and early indications are results will be near the Cox Automotive forecast released last week. Our forecast called for year-over-year volume growth of near 40%, with market volume near 2019 levels. With the pandemic in the U.S. shifting to the rearview mirror, demand for new vehicles … Continued
The used-vehicle market reaches 40 million units sold in a good year, dwarfing the new-vehicle business. While roughly 45% of used vehicle sales are private party—neighbor to neighbor deals—the growing majority are retail sales closed at dealerships. Independent dealers, often overlooked by industry observers and media alike, are a driving force in this corner of … Continued