Auto Credit Availability Increased Again in March

2 min read

Access to auto credit increased again in March, and auto loan credit was the most accessible since April 2020, according to the Dealertrack Auto Credit Availability Index for all types of auto loans. The All Loans Index increased 2.5% to 98.1 in March, reflecting that auto credit was easier to get in the month compared to February. Access remains tighter by 0.7% year over year.  All loan types saw loosening in March. Certified pre-owned (CPO) loosened the most, while financing provided through independent used dealers loosened the least. On a … Continued

March Fleet Sales Struggle to Recover, Remain Down 20% from 2020

2 min read

In March, 183,042 total fleet units were sold, compared to 178,252 in February and 229,725 last March, a 2.7% month-over-month improvement. Combined sales into large rental, commercial, and government buyers were down 20.3% year over year in March. This brings the Q1 2021 total fleet sales to 514,666 units, a 28% decrease from Q1 2020 … Continued

Wholesale Prices Jump to Record High With Spring Bounce

2 min read

Wholesale used vehicle prices (on a mix-, mileage-, and seasonally adjusted basis) increased 5.87% month over month in March. This brought the Manheim Used Vehicle Value Index to 179.2, a 26.2% increase from a year ago and a record high for the Index. Manheim Market Report (MMR) prices strengthened as the month progressed. The Three-Year-Old … Continued

With Inventory Tight In Q1, Incentive Program Volume Count Is Lower As Well

2 min read

Incentive program volume in Q1 2021 was down 13.9% from Q1 2020, as tight inventories and healthy demand helped keep the market moving. Program volume – a count of the number of vehicle incentive programs offered by the automakers – was at an all-time high in Q1 2020, according to an analysis by Cox Automotive Rates & Incentives.  The … Continued

Pickup Trucks Take Hit from Parts Shortages

6 min read

Tight new-vehicle inventory has been an issue for the industry for nearly a year now, as inventory levels have not fully recovered from production losses in Q2 2020 caused by the pandemic. More recently, in North America, about 30 models are battling production cuts caused by an ongoing global shortage of computer chips. The industry has … Continued

Tax Season Starts Slow and Will Last Longer

2 min read

Tax season is off to a slow start this year due to pandemic-related impacts and delays the IRS instituted related to when filings were accepted and when refunds would start to be issued. As a result, the current tax return season is well behind prior years, which in turn impacts the year-over-year comparisons we have … Continued

Repossessions are Down, Thanks to Accommodations and Stimulus

3 min read

The board of the Federal Reserve Bank met earlier this week and confirmed their decision not to move monetary policy and issued a statement seen by many as optimistic: “… indicators of economic activity and employment have turned up recently, although the sectors most adversely affected by the pandemic remain weak. Inflation continues to run below … Continued

The Service Business is Returning, Just in Time

3 min read

Late last month, according to data compiled by Xtime, a Cox Automotive software brand, the service department business at an average dealership was down approximately 8% from year-earlier levels. An 8% drop in business is serious but, in fact, it’s a big improvement from much of 2020. As the pandemic took hold, mileage dropped and … Continued

Used-Vehicle Inventory Tightens as Sales Pace Quickens

3 min read

Used-vehicle inventory fell from January to February just as the spring selling season got off to an early start, according to a Cox Automotive analysis of vAuto Available Inventory data. 2.59M Total Unsold Used Vehicles end of February 48 Days’ Supply $21,627 Average Listing Price The total supply of unsold used vehicles totaled 2.59 million … Continued

Wholesale Prices Jumping With Spring Bounce

1 min read

Given the ongoing turbulence in the automotive marketplace, the Cox Automotive Economic & Industry Insights team is publishing its mid-month view of the wholesale market, including wholesale prices. The posted material provides commentary and an updated look at the Manheim Used Vehicle Value Index and general information on segment performance for the first 15 days … Continued