The inventory of unsold used vehicles remains low but appears to be somewhat stabilizing in contrast to new-vehicle inventory that continues to fall, according to a Cox Automotive analysis of vAuto Available Inventory data. The total U.S. supply of unsold used vehicles stood at 2.16 million vehicles at the start of this week. That is … Continued
The shift in vehicle demand, away from new and toward used, is clearly reflected in the 1H financial reporting of the largest players in the auto industry: franchised dealer groups. Large dealer groups account for roughly 7% of new-vehicle sales and 5% of used-vehicles sales in the U.S., or 866,695 units for the first half … Continued
Given the current 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 for August and general information on segment performance for the first … Continued
Sales of certified pre-owned (CPO) vehicles increased 8% year over year in July but were down 3% month over month compared to June. For July, 254,982 CPO units were sold. CPO sales were on a record-setting pace the first two months of the year before COVID-19 put the brakes on auto sales. Reflecting huge decreases … Continued
The supply of new vehicles is falling well below demand as the inventory of unsold new vehicles fell again, closing July even lower than June, according to a Cox Automotive analysis of vAuto Available Inventory data. The total U.S. supply of unsold new vehicles stood at 2.33 million units at the end of July, down … Continued
The most recent installment of Cox Automotive research on the evolving impact of COVID-19 on the U.S. was released today. This ongoing research, which focuses on consumers’ and dealers’ attitudes and behaviors during the pandemic, began in late March and continues to be updated biweekly. The latest COVID-19: Tracking U.S. Consumer Sentiment report offers a … Continued
Wholesale used vehicle prices (on a mix-, mileage-, and seasonally adjusted basis) increased 5.84% month over month in July. This brought the Manheim Used Vehicle Value Index to 158.0, a 12.5% increase from a year ago and a new record-high for the Index. Access the full report. For 25 years, the MUVVI has been the … Continued
Toyota eked out a small profit for the quarter ended June 30, thanks to immediate cost cutting, including R&D outlays, and a faster-than-expected rebound in China. It still expects to make $7 billion in this fiscal year. In the recent quarter, Toyota’s operating profit plunged 98% to about $129 million, and its global sales fell … Continued
Fleet sales showed month-over-month improvements, but combined rental, commercial and government purchases of new vehicles remained down 40% year over year in July. Total fleet volume in July was 104,769, down from 174,683 in July 2019. Government units were up 42% year over year, on a small base, while rental units were down 84.5% year … Continued
Honda reported a $1 billion operating loss in the quarter ended June 30, the automaker’s first quarter of its fiscal year that ends March 31, 2021, due to the coronavirus pandemic. The loss compares with a $2.35 billion profit in the same quarter a year ago. Revenue plunged 47%. Vehicle sales fell 40%. In announcing … Continued
