The Cox Automotive 2022 Mid-Year Review webcast will be held today at 11 a.m. EDT. The presentation is now available for download. During the webcast, Chief Economist Jonathan Smoke, Senior Economist Charlie Chesbrough and Economic and Industry Insights Senior Manager Chris Frey will share Cox Automotive data and insights on the U.S. auto market for the first … Continued
The job market continues to be one of the strongest parts of the economy and is showing no signs of new stress. Meantime, the housing market is suffering the most from the dramatic increase in mortgage rates. Total new home sales are down from a year ago, while mortgage rates rose more than 2.5 percentage … Continued
Here we go again – another holiday weekend virtually void of big-tent events, hot dogs, balloons and great deals on new vehicles. Last month, over Memorial Day Weekend, a deal was hard to find, as inventory was tight, prices were high, and incentives were all but gone. As we march into the Fourth of July … 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.
Service revenue increased slightly at U.S. franchised dealerships in May on fewer repair order tickets, according to the latest Cox Automotive analysis of Xtime metrics. The Repair Order Revenue Index increased month over month to the new highest level for the index, dating back to January 2018. Meanwhile, the Repair Order Volume Index decreased month … Continued
Retail sales in May declined more than expected, and inflation pressures led to continued shifts in the pattern of spending. Adjusted for inflation, retail sales were down compared with a year ago, but spending remains quite robust on a nominal basis. Consumers are spending more on gas and groceries but less on cars, electronics, appliances … Continued
Wholesale used-vehicle prices (on a mix-, mileage-, and seasonally adjusted basis) were essentially unchanged from May after the first 15 days of June. This kept the Manheim Used Vehicle Value Index at 222.7, which was up 11.1% from June 2021. The non-adjusted price change in the first half of June was a decrease of 0.3% … Continued
Revised, July 14, 2022 – In contrast to new vehicles that are seeing rising prices, the average listing price of used vehicles has begun to inch down ever so slightly as supply holds relatively steady, according to the Cox Automotive analysis of vAuto Available Inventory data. 2.47M Total UnsoldUsed Vehiclesas of May 30 48 Days’ … Continued
Revised, July 14, 2022 – New-vehicle inventory remained at the same level it has been for months, according to Cox Automotive’s analysis of vAuto Available Inventory data, despite comments from some automotive executives that the global computer chip shortage is easing, and vehicle production is resuming to normal levels. 1.13M Total Inventoryas of May 30, … Continued
The Fed raised the target for the Federal Funds Rate by three-quarters of a percentage point today as it becomes more aggressive in its quest to rein in inflation. The increase in the target rate was the largest in almost 28 years. The Fed has now increased the target rate by 1.5 percentage points and … Continued