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New-Vehicle Average Transaction Prices Drop to Lowest Level in nearly Two Years, According to Latest Kelley Blue Book Estimates

ATLANTA, April 12, 2024 – New-vehicle transaction prices (ATP) in March 2024 held mostly steady, according to an analysis by Kelley Blue Book, down 1% from the revised February ATP. Last month, the average transaction price of a new vehicle in the U.S. was $47,218, down 1% from March 2023 and down 5.4% from the market … Continued

EV Sales Growth Slows; Market Leader Tesla Stalls

Electric vehicle (EV) sales growth in the U.S. continues to slow, according to sales data analyzed by Kelley Blue Book. In the first quarter of 2024, Americans bought 268,909 new electric vehicles, according to Kelley Blue Book counts. EV share of total new-vehicle sales in Q1 was 7.3%, a decrease from Q4 2023. While annual … Continued

Auto Credit Availability Improved Again in March

Access to auto credit improved in March as credit loosened across all channels and all lender types compared to February, according to the Dealertrack Credit Availability Index. The All-Loans Index increased to 94.0 in March but remained down 1.5% year over year. Credit availability has improved for two consecutive months and rose 1.1% month over … Continued

Wholesale Used-Vehicle Prices Declined in March

Wholesale used-vehicle prices (on a mix, mileage, and seasonally adjusted basis) were down in March compared to February. The Manheim Used Vehicle Value Index (MUVVI) fell to 203.1, a decline of 14.7% from a year ago. The decline in the index was driven by the seasonal adjustment, resulting in a 0.4% month-over-month decrease. The non-adjusted … Continued

2024 Cox Automotive Forecasts

Cox Automotive provides forecasts on the new and used vehicle markets, leasing, fleet and CPO sales, and the Manheim Used Vehicle Value Index. The full-year 2024 forecasts were presented during the Cox Automotive Industry Insights webcast on January 8. The Economic and Industry Insights team reviews the forecasts quarterly and updates them as market changes … Continued

Dealership Service Revenue Increases While Ticket Volume Reflects Typical February Decline, According to Xtime Metrics

According to a recent analysis of Xtime metrics by Cox Automotive, service activity at franchised dealerships in the U.S. decreased in February compared to January, while revenue increased slightly. In a historically challenging month for service departments, both the Repair Order Volume Index and the Repair Order Revenue Index improved year over year. The monthly … Continued

Wholesale Used-Vehicle Prices Decrease in First Half of March

Wholesale used-vehicle prices (on a mix-, mileage-, and seasonally adjusted basis) decreased 0.6% from February in the first 15 days of March. The midmonth Manheim Used Vehicle Value Index dropped to 202.6, which was down 14.9% from the full month of March 2023. The seasonal adjustment drove the decline. The non-adjusted price change in the … Continued

Used Retail Vehicle Sales Accelerate in February

According to vAuto Live Market View data estimates, retail used-vehicle sales in February increased from January and were up by 13.5% month over month. A total of 1.49 million used vehicles were sold at retail – from both franchised and independent dealers – during February, up 10.7% year over year and the highest volume since March … Continued

Spring Fever and Tax Refund Season Boost Used Retail Sales and Drop Days’ Supply to 44

Used-vehicle inventory opened March at the lowest level since October 2023, according to the Cox Automotive analysis of vAuto Live Market View data. 2.27M Total UnsoldUsed Vehiclesas of March 4, 2024 44 Days’ Supply $25,151 Average Listing Price 70,053 Average Mileage The total supply of unsold used vehicles on dealer lots – franchised and independent … Continued

February New-Vehicle Affordability Best in 31 Months

Trends in new-vehicle affordability factors moved in a positive direction in February, leading to the best affordability in 31 months (since July 2021), according to the Cox Automotive/Moody’s Analytics Vehicle Affordability Index. “New-vehicle affordability improved in the consumer’s favor again last month,” said Cox Automotive Chief Economist Jonathan Smoke. “Income growth continued and both the average … Continued