Service activity increased while service revenue decreased slightly at U.S. franchised dealerships in October, according to the latest Cox Automotive analysis of Xtime metrics. The Repair Order Volume Index increased modestly, while the Repair Order Revenue Index slipped slightly to just below the record high set in September. The monthly Xtime volume and revenue metrics … Continued
Wholesale used-vehicle prices (on a mix-, mileage-, and seasonally adjusted basis) increased 0.4% from October in the first 15 days of November. The mid-month Manheim Used Vehicle Value Index rose to 200.7, which was down 13.7% from the full month of November 2021. The non-adjusted price change in the first half of November was a … Continued
Used-vehicle asking prices fell throughout the month of October to their lowest average since April as inventory matches pre-pandemic 2019 levels, according to the Cox Automotive analysis of vAuto Available Inventory data. 2.44M Total UnsoldUsed Vehiclesas of Oct. 31, 2022 51 Days’ Supply $27,564 Average Listing Price 70,113 Average Mileage The total supply of unsold … Continued
New-vehicle inventory closed October at its highest level since May 2021, and prices stayed high, according to Cox Automotive’s analysis of vAuto Available Inventory data. Over the past three months, all but four major brands have seen an increase in inventory. The question is: Will demand keep up with supply? “The supply situation in the … Continued
New-vehicle affordability declined again in October with auto loan rates reaching a 20-year high as prices increased slightly, according to the Cox Automotive/Moody’s Analytics Vehicle Affordability Index. The number of median weeks of income needed to purchase the average new vehicle in October increased to 42.8 weeks from an upwardly revised 42.6 weeks in September. … Continued
Total used-vehicle sales in October are estimated to be near 2.8 million units, down 14% from October 2021. The seasonally adjusted annual rate, or SAAR, is estimated to have finished near 35.0 million, down from last October’s 40.7 million level but above September’s downwardly revised 33.8 million pace. Used retail sales were also estimated to … Continued
The Inflation Reduction Act (IRA) of 2022 is a far-reaching collection of legislation that was signed into law by President Biden on August 16, 2022. The IRA will impact everything from health care to drug prices, from manufacturing to corporate taxes, and IRS enforcement to climate change. For the auto industry, a key element of … Continued
Certified pre-owned (CPO) sales in October rose 2.5%, just over 5,000 units, from September to finish at 207,547. This total is down over 9,000 units from last October. Year to date, CPO sales are down over 335,000 units, or 14.1%, and Cox Automotive expects them to finish near 2.4 million for the full-year 2022. October CPO … Continued
Of all new-vehicle shoppers in the third quarter, 27% considered an electrified vehicle, which includes full electric vehicles (EVs), hybrids and fuel-cell vehicles, according to research from Kelley Blue Book. That is the same percentage as in the second quarter and just shy of the peak of 28% in the fourth quarter of 2021. Hybrids … Continued
Access to auto credit expanded slightly for the second consecutive month in October, according to the Dealertrack Credit Availability Index for all types of auto loans. The All-Loans Index increased 0.2% to 103.9 in October, reflecting that auto credit was easier to get in the month compared to September. The improvement in access reflected conditions … Continued