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 Mid-Year Review on June 25. The Economic and Industry Insights team reviews the forecasts quarterly and updates them as market changes dictate. … Continued
New research released today by Cox Automotive, the world’s largest automotive services and technology provider, reveals that nearly 75% of automobile shoppers in the market for a vehicle expect the outcome of the U.S. presidential election in November to impact the economy. The findings underscore a high level of uncertainty in the auto market – … Continued
Wholesale used-vehicle prices (on a mix-, mileage-, and seasonally adjusted basis) decreased 0.3% from May in the first 15 days of June. The mid-month Manheim Used Vehicle Value Index fell to 196.8, which was down 8.5% from the full month of June 2023. The seasonal adjustment lessened the impact for the month. The non-adjusted price … Continued
New-vehicle affordability improved in May, more than reversing April’s setback, according to the Cox Automotive/Moody’s Analytics Vehicle Affordability Index. “The improvement in affordability was a result of improving incentives, lower interest rates and ongoing income growth,” said Cox Automotive Chief Economist Jonathan Smoke. The estimated average auto loan rate declined in May by 22 basis points … Continued
According to an analysis of Cox Automotive’s vAuto Live Market View data estimates, retail used-vehicle sales in May increased from April and were up by 15.9% month over month. A total of 1.62 million used vehicles were sold at retail – from both franchised and independent dealers – during May, up 15.8% year over year. Days’ supply … Continued
Used-vehicle inventory levels at the start of June were slightly lower than in May, according to an analysis of Cox Automotive’s vAuto Live Market View data, as sales picked back up in May after a slowdown in April following an unexceptional tax refund season. 2.26M Total UnsoldUsed Vehiclesas of June 3, 2024 45 Days’ Supply $25,670 Average … Continued
After starting slow, May new-vehicle sales picked up toward the end of the month as expected with the Memorial Day holiday, one of the larger selling holidays for the automotive market. Spurred in part by higher sales, new-vehicle days’ supply declined four days at the start of June to 74 days, according to an analysis … Continued
ATLANTA, June 11, 2024 – New-vehicle prices in May remained lower year over year for the eighth consecutive month, as higher inventory levels continued to hold downward pressure on transaction prices. Last month, according to estimates by Kelley Blue Book, the average transaction price (ATP) for a new vehicle in the U.S. was $48,389, statistically unchanged … Continued
Access to auto credit declined slightly in May as credit tightened across most channels and all lender types, according to the Dealertrack Credit Availability Index. The All-Loans Index was 94.8 in May, down only 0.1 from the upwardly revised April reading but up 0.9% year over year. The subprime share and negative equity share both … Continued
Wholesale used-vehicle prices (on a mix, mileage, and seasonally adjusted basis) were down in May compared to April. The Manheim Used Vehicle Value Index (MUVVI) fell to 197.3, a decline of 12.1% from a year ago. The seasonal adjustment to the index reduced the impact on the month, resulting in values that declined 0.6% month … Continued