The June employment report showed a slowing in job growth, but it exceeded expectations at 372,000 jobs created, which was a historically healthy number of jobs created. The unemployment rate was also unchanged at 3.6%. Labor force participation declined slightly, and growth in average hourly earnings year over year slowed. The underemployment rate fell to … Continued
ATLANTA (July 8, 2022) – Wholesale used-vehicle prices (on a mix-, mileage-, and seasonally adjusted basis) decreased 1.3% in June from May. This brought the Manheim Used Vehicle Value Index to 219.9, up 9.7% from a year ago. The non-adjusted price change in June decreased 1.8% compared to May. The drop in June left the … Continued
Wholesale used-vehicle prices (on a mix-, mileage-, and seasonally adjusted basis) decreased 1.3% in June from May. The Manheim Used Vehicle Value Index declined to 219.9, up 9.7% from a year ago. The non-adjusted price change in June decreased 1.8% compared to May, leaving the unadjusted average price up 10.7% year over year. In June, … Continued
Sales into large fleets, not including sales into dealer and manufacturer fleets, increased 6.7% month over month in June to 150,467 units, according to an early estimate from Cox Automotive. June 2022 Fleet Sales Combined sales into large rental, commercial, and government fleets increased 8.4% from June 2021. Sales into government fleets were up 24.2% … Continued
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.
Real GDP declined in the first quarter slightly worse than previously estimated, as downward revisions to spending reduced growth further. Even so, consumer spending did grow over Q4 2021. Consumer spending slowed in May. With inflation factored in, real spending declined. Income growth was stable, and the savings rate increased. Pending home sales surprised to … Continued
A replay of the Cox Automotive 2022 Mid-Year Review webcast held on Tuesday, June 28, is available below. Cox Automotive Chief Economist Jonathan Smoke and our Industry Insights team provided a deep dive into the economy and auto industry – the new, used and wholesale vehicle markets for the first half. The Cox Automotive June U.S. auto sales forecast was … Continued
As the first half of 2022 comes to a close, our team is once again reviewing the market predictions we offered back in January and providing an assessment of how well we did. Of course, we don’t have full-year results to judge every factor completely, but for the most part, our Ten Predictions for 2022 … Continued
Most auto manufacturers have long ignored the wisdom of the angels. And yet we all hear them so clearly: “Never exceed a 60 days’ supply of on-ground inventory.” “Keep fleet to less than 12% of your total sales.” “Incentives should never exceed 10% of your transaction price.” Before 2020, most automakers disregarded one or more … Continued
UPDATED, July 5, 2022 – The Cox Automotive Industry Insights team had expected a year-over-year decline in June auto sales. The actual decline, however, was even greater than expected. Sales last month came in at approximately 1.125 million; the forecast was for 1.2 million. Some declines were particularly notable, with large year-over-year declines at Buick, … Continued