The video below is part of a biweekly Auto Market Report series focusing on data and insights that provide a holistic view of the auto industry. Chief Economist Jonathan Smoke leads our effort to translate data and trends into actionable insights. Download this week’s presentation.
Wholesale used-vehicle prices (on a mix-, mileage-, and seasonally adjusted basis) increased 0.7% in May from April. The Manheim Used Vehicle Value Index rose to 222.7, up 9.7% from a year ago. The non-adjusted price change in May increased 1.1% compared to April, leaving the unadjusted average price up 12.1% year over year. In May, … Continued
Sales into large fleets, not including sales into dealer and manufacturer fleets, decreased 8.7% month over month in May to 141,047 units, according to an early estimate from Cox Automotive. May 2022 Fleet Sales Combined sales into large rental, commercial, and government fleets decreased 16.1% from May 2021. Sales into government fleets were up 5.9% … Continued
The May employment report showed a slight slowing in job growth that exceeded expectations at 390,000 jobs created, and the unemployment rate was also unchanged at 3.6%. Labor force participation increased, and growth in average hourly earnings year over year slowed. Consistent with a strong labor market, continuing claims keep falling and are now at … Continued
Gas prices hit an all-time high of a national average of $4.67 on June 1, driving consumers to consider electric vehicles, hybrids and smaller, more fuel-efficient gas-powered models. According to a Cox Automotive analysis of shopping behavior on its Kelley Blue Book and Autotrader websites: Shopping for EVs soared 73% since January before gas prices … Continued
Real GDP declined in the first quarter slightly worse than originally estimated, but mainly because of net exports and declining inventories. Consumer spending remained robust and improved in the latest estimate. Consumer spending slowed in April but remains strong. Income growth slowed, and the savings rate declined. The housing market saw further declining momentum in … Continued
With the long Memorial Day Weekend upon us, we’re back to the age-old question: Are there any good deals out there? Honestly, it’ll be tough for vehicle shoppers to find a hot deal this weekend. We are not in “the before times,” when inventory was plentiful and so were the incentives. In today’s auto market, … Continued
UPDATED, June 2, 2022 – May new-vehicle sales came in lower than the Cox Automotive forecast issued last week. Our team was expecting a year-over-year volume decline of roughly 28%; results indicate a drop of more than 29%. Auto sales in May are traditionally quite strong, spurred in part by the long Memorial Day Weekend. … Continued
The Cox Automotive Economic and Industry insights team’s goal is to help automotive industry stakeholders make the best decisions for the future. The 2022 Cox Automotive Market Insights & Outlook flipbook makes accessing key data and insights easy. This digital format allows readers to quickly find what they are looking for and can be downloaded as a PDF and … Continued
Welcome to the Cox Automotive Monthly Industry Update. This monthly presentation is new content offered by the Cox Automotive Industry Insights team. The goal is to provide a holistic look at the auto industry’s performance each month in video format. In this month’s video, Cox Automotive Research Manager Rebecca Rydzewski is joined by Senior Economist … Continued