UPDATED, October 24 – Tesla shocked the experts by reporting a Q3 profit of $143 million, causing its stock price to spike by nearly 20%. The company said it took out substantial costs from its operations. As predicted, Tesla’s revenues were somewhat lower than Q3 2018. Tesla announced third-quarter financials after the stock market closed … Continued
UPDATED, October 24 – Ford reported a better Q3 than analysts expected with earnings at 34-cents a share vs. the 26-cents most analysts predicted, but still on lower revenue than was predicted. However, Ford warned it was trimming its full-year guidance for profits due to increasing headwinds, including higher warranty costs, higher than expected incentives, … Continued
The UAW and General Motors reached a tentative 4-year labor contract covering 46,000 hourly workers but the strike – now the longest against GM since 1970 – will continue as union members vote on the agreement over the next week. The strike already is having an impact on the overall economy and on GM’s sales … Continued
The 2019 retail leasing volume has decreased 1.3% year over year through August, roughly in line with the overall market. Lease penetration, however, is at 29.6% through August and is running above where we finished last year at 28.6%. In August, the average leasing payment was $485, a 2% year-over-year increase per Cox Automotive estimates. … Continued
A replay of the Q3 Manheim Used Vehicle Value Index Call hosted by Cox Automotive Chief Economist Jonathan Smoke and Zo Rahim, manager of economics and industry insights for Cox Automotive, is available below. During the call, Jonathan and Zo presented Cox Automotive’s Manheim Used Vehicle Value Index, the automotive industry’s only used vehicle index that … Continued
Wholesale used vehicle prices (on a mix-, mileage-, and seasonally adjusted basis) decreased 1.04% month-over-month in September. This brought the Manheim Used Vehicle Value Index to 139.9, flat from a year ago and off the record high for the Index. Weekly Manheim Market Report (MMR) prices showed increasing depreciation as September progressed. The majority of … Continued
Automakers began reporting September and Q3 sales results today, with more expected to follow tomorrow. Initial reports indicate September sales volume will be down, as our Industry Insights team forecast last week. With fewer selling days versus September 2018, year-over-year comparisons were expected to show volume declines. The sales pace, however, is forecast to remain strong in September, … Continued
A call replay of the Cox Automotive Q3 Auto Sales Call hosted by Chief Economist Jonathan Smoke, Senior Economist Charlie Chesbrough, Executive Analyst Michelle Krebs and Research Manager Zo Rahim is available now. During the call, the team discussed key economic indicators driving the auto market and provided a forecast and analysis of new- and used-vehicle sales for … Continued
An ideal set of market conditions are emerging that provide independent dealers with maximized floor planning opportunities. First, we are experiencing the longest sustained period of economic expansion on record in United States’ history, boasting 122 consecutive months of growth. Second, during their Federal Open Marketing Committee meeting yesterday, the Federal Reserve announced another 0.25 … 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 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 dealers to rate new-car sales … Continued
