Plummeting sales, caused by the spread of COVID-19 and the subsequent shutdown of states and businesses including car dealerships, caused the inventory of unsold new vehicles to pile up at the end of March. The number of new vehicles in inventory closed the month at more than 3.7 million units after a 38% decline in … Continued
To many we’ve spoken with, March may have been the longest month ever. Or it just seemed that way as our lives, the economy, and the auto industry began a slow-motion crash into the ditch that dragged on forever. Cox Automotive is all too aware of the impact COVID-19 is having on every corner of … Continued
Year-over-year growth in fleet sales began a strong decline compared to the prior year as combined rental, commercial and government purchases of new vehicles were down 27.6% in March. Total fleet volume in March was 229,725, down significantly from 317,427 in March 2019. Rental units led the drop with a 34% decrease while commercial vehicle … Continued
Wholesale used-vehicle prices (on a mix-, mileage-, and seasonally adjusted basis) decreased 1.10% month over month in March. This brought the Manheim Used Vehicle Value Index to 141.9, a 4.4% increase from a year ago. After a start of increases in weekly Manheim Market Report (MMR) prices at the end of February, March saw the … Continued
This week the auto industry closed the books on Q1 2020, with sales falling quickly, ravaged by buyers more focused on social distancing than Super Duties. What vehicles were sold in March were mostly SUVs and pickups – the new normal in our new-vehicle landscape and the results of 10-year shift that turned our auto … Continued
Auto loans and leases total over 84 million accounts and represent $1.28 trillion of outstanding debt at the end of February. The number of accounts outstanding is down slightly from a record in January, but the value outstanding is a new record. Auto loans that are severely delinquent (defined as 60 days or more behind … Continued
Sales of certified pre-owned (CPO) vehicles increased 13% year over year in February and were up 10% month over month compared to January. For the month, 238,229 CPO units were sold. This year CPO sales are up 10% versus 2019, the all-time record for the CPO market, with 454,188 sold through February. This means that the … Continued
As March opened, new-vehicle inventory was lower than a year ago and a month earlier because sales so far this year proved to be stronger than expected, according to Cox Automotive calculations. On a volume basis, new-vehicle inventory at the end of February was down nearly 12% from a year ago and down nearly 11% … Continued
Wholesale used-vehicle prices (on a mix-, mileage-, and seasonally adjusted basis) increased 1.35% month over month in February. This brought the Manheim Used Vehicle Value Index to 143.5, a 6.2% increase from a year ago and a record high for the Index. After a normal and steady trend in weekly Manheim Market Report (MMR) prices … Continued
Year-over-year growth in fleet sales continue to track lower than last year even as combined rental, commercial and government purchases of new vehicles were up 2.7% in February. Total fleet volume in February was 278,561, up slightly from 271,130 in February 2019. Commercial vehicle sales were up 8.7% year over year in February. Retail sales of … Continued
