Access to auto credit improved again in August, according to the Dealertrack Credit Availability Index for all types of auto loans. Following tightening across all channels and all lender types in the spring, the summer has shown continuous improvement in credit access across most channels and all lender types, except new, which had a decrease. … Continued
Used-vehicle inventory declined throughout August on stronger sales, according to the Cox Automotive analysis of vAuto Available Inventory data. The total supply of unsold used vehicles on dealer lots – franchised and independent – across the U.S. stood at 2.25 million units at the beginning of September, down less than 7,500 units from the supply … Continued
Wholesale used-vehicle prices (on a mix, mileage, and seasonally adjusted basis) increased 0.2% in August from July. The Manheim Used Vehicle Value Index (MUVVI) rose to 212.2, down 7.7% from a year ago. “August brought a stop to wholesale price declines, though it was only a small reversal of the larger magnitude declines so far … Continued
New-vehicle inventory, especially for most domestic brands, grew through August ahead of a potential strike by the UAW. The union’s contract with GM, Ford and Stellantis expires on Sept. 14. 2.06M Total Inventoryas of Sept. 4, 2023 58 Days’ Supply $47,417 Average Listing Price Throughout August, the total U.S. supply of available unsold new vehicles … Continued
In August, sales into large rental, commercial, and government fleets increased compared to the previous year. According to a Cox Automotive analysis of Bobit data, there was a 33.9% rise in sales to large fleets (excluding dealer and manufacturer fleets), with 172,075 units sold. Sales to rental fleets saw a 101.6% increase, while sales to … Continued
A recent analysis by Cox Automotive of Xtime metrics revealed that service activity at franchised dealerships in the U.S. decreased notably in July compared to the previous month. Service revenue declined slightly for the third consecutive month after reaching record highs in March and April. The Repair Order Volume Index decreased compared to the previous … Continued
New research from Cox Automotive suggests that consumers shopping for electric pickup trucks are not all that different from their ICE-considering counterparts. In a third round of research, Cox Automotive found that the Ford F-150 Lightning is on top for shopper consideration when compared to its EV counterparts from Chevy, GMC (Hummer), Ram, Rivian and … Continued
Wholesale used-vehicle prices (on a mix-, mileage-, and seasonally adjusted basis) increased 0.1% from July in the first 15 days of August. The midmonth Manheim Used Vehicle Value Index rose to 212.0, which was down 7.8% from the full month of August 2022. The seasonal adjustment diminished the increase. The non-adjusted price change in the … Continued
Certified pre-owned (CPO) sales rose by over 24,700 units year over year in July to finish at 231,128. This total is up more than 7,400 units from June’s number. Year-to-date CPO sales remain up 7%, or over 103,000 units, compared to the first seven months of 2022, which was a down year for the CPO … Continued
Continuing a trend that has persisted for most of this year, new-vehicle affordability improved in July, according to the Cox Automotive/Moody’s Analytics Vehicle Affordability Index. Strong income growth was assisted by lower prices and higher incentives that more than offset slightly higher rates. The typical monthly payment declined to the lowest level since October. The … Continued