Cox Automotive provides forecasts on the new and used vehicle markets as well as leasing, fleet and CPO sales and the Manheim Used Vehicle Value Index. The Economic and Industry Insights team reviews the forecasts quarterly and updates them as changes in the market dictate. The updated 2023 forecasts were presented during the Cox Automotive … Continued
Certified pre-owned (CPO) sales in August rose nearly 15%, over 12,000 units, over last August to finish at 243,132. This total is up over 12,000 units, a 5% increase from July’s number. Year-to-date CPO sales remain up 8%, or over 134,000 units, compared to the first eight months of 2022. “CPO sales continue at a … Continued
According to a recent analysis by Cox Automotive of Xtime metrics, service activity at franchised dealerships in the U.S. rebounded in August following a drop in July. After three months of consecutive declines, service revenue increased. Although the Repair Order Volume Index decreased compared to the previous year, the Repair Order Revenue Index remains higher … Continued
Wholesale used-vehicle prices (on a mix-, mileage-, and seasonally adjusted basis) increased 1.5% from August in the first 15 days of September. The midmonth Manheim Used Vehicle Value Index rose to 215.4, which was down 3.5% from the full month of September 2022. The seasonal adjustment assisted the increase. The non-adjusted price change in the … Continued
Income and vehicle market dynamics continued to favor consumers in August, as new-vehicle affordability improved again, extending the monthly streak of modest improvement all year. This time, strong income growth and higher incentives were enough to offset somewhat higher prices and steady but high interest rates. Although prices increased slightly, the typical payment also went … Continued
ATLANTA, Sept. 12, 2023 – The average price Americans paid for a new vehicle in August 2023 was virtually flat compared to one year ago, as higher inventory levels and increased incentives held year-over-year price gains in check. The average transaction price of a new vehicle in August was $48,451, up only $42 from one … Continued
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
