Certified pre-owned (CPO) sales in June rose 8.4%, over 17,000 units, over last June to finish at 223,718. This total is up over 4,000 units, a nearly 2% increase from May’s number. CPO sales year to date remain up 6.4%, or over 78,000 units, compared to the first six months of 2022, which was a … Continued
New-vehicle affordability was unchanged in June, according to the Cox Automotive/Moody’s Analytics Vehicle Affordability Index. Strong income growth helped to offset higher prices and slightly higher rates. Higher prices and rates caused the typical payment to increase somewhat from May, which was the lowest payment since October. The number of median weeks of income needed … Continued
The used-vehicle market has shed the volatility seen during the pandemic and chip shortage, with inventory and prices holding rather steady, according to a Cox Automotive analysis of vAuto Available Inventory data. 2.22M Total UnsoldUsed Vehiclesas of June 26, 2023 47 Days’ Supply $27,147 Average Listing Price 71,431 Average Mileage The total supply of unsold … Continued
Updated, Aug. 10, 2023 – New-vehicle inventory and prices continued to stabilize in June while electric vehicle inventory climbed, closing the month with twice the days’ supply as new vehicles in total, according to Cox Automotive’s analysis of vAuto Available Inventory data. 1.98M Total Inventoryas of July 3, 2023 56 Days’ Supply $47,162 Average Listing … Continued
Nearly 300,000 new electric vehicles (EVs) – full battery-electric vehicles – were sold in the U.S. in Q2, a record for any quarter and an increase of 48.4% from Q2 2022. Tesla, again, was the largest seller of EVs in the U.S., with more than 175,000 sold, an increase of 34.8% quarter over quarter. Sales … Continued
ATLANTA, July 11, 2023 – The average price Americans paid for a new vehicle in June 2023 was 1.6% higher than one year ago, the smallest year-over-year price increase since the start of the global pandemic. According to Kelley Blue Book, a Cox Automotive company, the average transaction price (ATP) of a new vehicle in … Continued
Access to auto credit improved in June after hitting a two-year low in May, according to the Dealertrack Credit Availability Index for all types of auto loans. Following tightening that occurred this spring during the banking crisis, June marked an important turning point that saw credit access improve across all channels and all lender types. … Continued
Wholesale used-vehicle prices (on a mix, mileage, and seasonally adjusted basis) decreased 4.2% in June from May. The Manheim Used Vehicle Value Index (MUVVI) declined to 215.1, down 10.3% from a year ago. “The 4.2% drop is among the largest declines in MUVVI history and the largest decline since the start of the pandemic in … Continued
Sales into large fleets, not including sales into dealer and manufacturer fleets, increased 44.6% year over year in June to 217,572 units, according to an early estimate from Cox Automotive. “The return of fleet was a key driver of the first half new auto sales increase,” said Cox Automotive Senior Economist Charlie Chesbrough. “With production levels … Continued
A recent analysis by Cox Automotive of Xtime metrics revealed that service activity increased notably at franchised dealerships in the U.S. in May compared to the previous month. Meanwhile, service revenue decreased just slightly from its previous record highs in March and April. Both the Repair Order Volume Index and the Repair Order Revenue Index … Continued
