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COVID-19 BUSINESS UPDATES

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The Teen Years: When Our Market Fell in Love with the SUV

This week the auto industry closed the books on Q1 2020, with sales falling quickly, ravaged by buyers more focused on social distancing than Super Duties. What vehicles were sold in March were mostly SUVs and pickups – the new normal in our new-vehicle landscape and the results of 10-year shift that turned our auto … Continued

Auto Loan Delinquency Rate Down Slightly After Peak in January

Auto loans and leases total over 84 million accounts and represent $1.28 trillion of outstanding debt at the end of February. The number of accounts outstanding is down slightly from a record in January, but the value outstanding is a new record. Auto loans that are severely delinquent (defined as 60 days or more behind … Continued

CPO Sales up 10% Month Over Month Following Record January

Sales of certified pre-owned (CPO) vehicles increased 13% year over year in February and were up 10% month over month compared to January. For the month, 238,229 CPO units were sold. This year CPO sales are up 10% versus 2019, the all-time record for the CPO market, with 454,188 sold through February. This means that the … Continued

Strong Sales Hold New-Vehicle Inventory Levels in Check

As March opened, new-vehicle inventory was lower than a year ago and a month earlier because sales so far this year proved to be stronger than expected, according to Cox Automotive calculations. On a volume basis, new-vehicle inventory at the end of February was down nearly 12% from a year ago and down nearly 11% … Continued

Wholesale Prices Continue Strong Start to the Year

Wholesale used-vehicle prices (on a mix-, mileage-, and seasonally adjusted basis) increased 1.35% month over month in February. This brought the Manheim Used Vehicle Value Index to 143.5, a 6.2% increase from a year ago and a record high for the Index. After a normal and steady trend in weekly Manheim Market Report (MMR) prices … Continued

13-Month Rolling Used-Vehicle SAAR

As another data point to monitor the health of the automotive market, Cox Automotive calculates a 13-month rolling used-vehicle seasonally adjusted annual rate (SAAR). According to Cox Automotive estimates, total used-vehicle sales volume was up 4.4% year over year in February. We estimate the February used SAAR to be 39.8 million, up from 39.4 million last February … Continued

Fleet Sales up Slightly in February, Continue to Track Lower Year Over Year

Year-over-year growth in fleet sales continue to track lower than last year even as combined rental, commercial and government purchases of new vehicles were up 2.7% in February. Total fleet volume in February was 278,561, up slightly from 271,130 in February 2019. Commercial vehicle sales were up 8.7% year over year in February. Retail sales of … Continued

Will GM’s Brave Bet Create Demand?

North of Detroit today at General Motors’ sprawling product development center, top officials are holding a deep dive into their future electric vehicle (EV) plans. Media and analysts alike have been invited, and cell phones, cameras and recording equipment are all prohibited. They’re talking about advanced new battery technology – calling it a breakthrough – … Continued

Factory Incentive Programs Level off After Reaching Record

After incentive program volume records last month, the OEM volume in February dropped back down to average levels and below both 2018 and 2019 levels. After a year of strong incentives, we will likely see a reduction of guaranteed money and more conditional (consumer qualified offers) in CY2020. Dealer inventory levels appear to be at acceptable levels, which is cause for many automakers to … Continued

2020 Starts With Highest CPO Sales for January in a Decade

Sales of certified pre-owned (CPO) vehicles increased 8% year over year in January, starting the year off with the highest CPO sales for January in a decade. For the month, 215,959 CPO units were sold according to an analysis of Motor Intelligence data, down 8% month over month compared to December, which is typically a … Continued