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2022 Cox Automotive Forecasts

Cox Automotive provides forecasts on the new and used vehicle markets as well as leasing, fleet and CPO sales and the Manheim Used Vehicle Value Index. The Industry Insights team reviews the forecasts quarterly and updates them as changes in the market dictate. The 2022 forecasts were presented during the Cox Automotive 2022 Mid-Year Review … Continued

Dealership Service Revenue Maintains Record Level in May on Lower Customer Volume, according to Xtime Metrics

Service revenue increased slightly at U.S. franchised dealerships in May on fewer repair order tickets, according to the latest Cox Automotive analysis of Xtime metrics. The Repair Order Revenue Index increased month over month to the new highest level for the index, dating back to January 2018. Meanwhile, the Repair Order Volume Index decreased month … Continued

Wholesale Used-Vehicle Prices Unchanged in First Half of June From Seasonal Adjustment

Wholesale used-vehicle prices (on a mix-, mileage-, and seasonally adjusted basis) were essentially unchanged from May after the first 15 days of June. This kept the Manheim Used Vehicle Value Index at 222.7, which was up 11.1% from June 2021. The non-adjusted price change in the first half of June was a decrease of 0.3% … Continued

Asking Prices Inch Down as Used-Vehicle Supply Holds Steady

In contrast to new vehicles that are seeing rising prices, the average listing price of used vehicles has begun to inch down ever so slightly as supply holds relatively steady, according to the Cox Automotive analysis of vAuto Available Inventory data. 2.47M Total UnsoldUsed Vehiclesas of May 30 42 Days’ Supply $28,312 Average Listing Price … Continued

Gas Prices Played a Role in Still-Low New-Vehicle Inventory in May

New-vehicle inventory remained at the same level it has been for months, according to Cox Automotive’s analysis of vAuto Available Inventory data, despite comments from some automotive executives that the global computer chip shortage is easing, and vehicle production is resuming to normal levels. 1.13M Total Inventoryas of May 30, 2022 34 Days’ Supply $45,495 … Continued

New-Vehicle Affordability Declines Again in May, Typical Monthly Payment Hits New Record of $712

New-vehicle affordability worsened again in May, with increases in interest rates and vehicle prices outpacing income growth. The number of median weeks of income needed to purchase the average new vehicle increased for the fourth consecutive month reaching 41.3 weeks in May from an upwardly revised 40.8 weeks in April. Cox Automotive/Moody’s Analytics Vehicle Affordability … Continued

Estimated Monthly Used-Vehicle SAAR and Volume

Total used-vehicle sales in May are estimated to be near 3.18 million units, down 16% from May 2021, according to Cox Automotive. The seasonally adjusted annual rate (SAAR), or sales pace, is estimated to be near 36.8 million, down from last May’s 44.0 million level but above April’s revised 34.7 million pace. Used retail sales … Continued

$5 Gas Hits Drivers of Less Efficient Vehicles Hard

Our Kelley Blue Book team offers plenty of good advice for vehicle buyers; one of their most well-known features is the annual 5-year Cost to Own research. In that study, the team considers the total vehicle-related costs an owner will likely have to cover during the first five years of vehicle ownership. This includes out-of-pocket … Continued

CPO Sales Drop in May, Down 17.5% Year to Date

Certified pre-owned (CPO) sales in May fell to 208,423 units, down 7% from April’s 223,999 unit sales and down over 22% from May 2021. May’s CPO sales result is the lowest since February and halts four straight months of increases. MAY 2022 CPO SALES Leveraging a same-store set of dealerships selected to represent the country … Continued

Auto Credit Availability Begins to Tighten in May

Access to auto credit tightened in May, according to the Dealertrack Credit Availability Index for all types of auto loans. The All Loans Index declined 0.8% to 105.4 in May, reflecting that auto credit was harder to get in the month compared to April. Access was looser by 7.9% year over year, and compared to … Continued