The September employment report revealed a too-strong job market and raised the likelihood of the Fed doing another jumbo rate increase in early November. September saw slowing but strong job growth and a decline in the unemployment rate back to the pre-pandemic low of 3.5%. Wage growth was steady. Jobless claims have moved higher in … Continued
ATLANTA, Oct. 10, 2022 – Cox Automotive, in partnership with the National Association of Minority Automobile Dealers (NAMAD), awarded two Rising Star Awards at the Annual NAMAD Conference in Miami on Friday, October 7. The 2022 award recipients are Jarryd Carver, chief executive officer, Winners Circle Automotive Group, headquartered in Hampton, Virginia, and Michael Lee, … Continued
A replay of the Q3 2022 Manheim Used Vehicle Value Index Call held on Friday, October 7, is available below. Cox Automotive Chief Economist Jonathan Smoke and Chris Frey, senior manager of economic and industry insights for Cox Automotive, discussed the latest Manheim Used Vehicle Value Index and the major economic and industry trends that shaped the quarter. Smoke … Continued
Wholesale used-vehicle prices (on a mix, mileage, and seasonally adjusted basis) decreased 3.0% in September from August. The Manheim Used Vehicle Value Index declined to 204.5 and is now down 0.1% from a year ago. The non-adjusted price change in September was a decline of 2.1% compared to August, moving the unadjusted average price down … Continued
ATLANTA (Oct. 7, 2022) – Wholesale used-vehicle prices (on a mix, mileage, and seasonally adjusted basis) decreased 3.0% in September from August. This brought the Manheim Used Vehicle Value Index to 204.5, down 0.1% from a year ago. The non-adjusted price change declined 2.1% in September, bringing it to a decrease of 2.3% year over … Continued
Sales into large fleets, not including sales into dealer and manufacturer fleets, decreased 4.6% month over month in September to 122,586 units, according to an early estimate from Cox Automotive. September 2022 Fleet Sales Fleet Sales Up Nearly 25% Year Over Year Combined sales into large rental, commercial, and government fleets were up nearly 25% … Continued
Last week, we reviewed our sales forecasts for the third quarter of 2022 and offered our perspective on the factors that continue to present a bumpy road for the auto industry. A replay of that presentation is posted in the Cox Automotive Newsroom. This week, we are beginning to see more clearly the September data and, … Continued
ATLANTA, Oct. 5, 2022 – While vehicle electrification continues to make strides, the lingering effects of the pandemic, the soaring cost of raw materials and geopolitical challenges have contributed to supply chain disruptions that have slowed widespread electric vehicles (EV) growth in the U.S. This perfect storm of bottlenecks outlined in Cox Automotive Mobility’s latest EV … Continued
September ended with negative mojo. Damage from Hurricane Ian is just now being assessed in Florida and South Carolina. Economic indicators were mixed. The final estimates for second-quarter economic growth as measured by GDP left the 0.6% decline unchanged, but consumer spending was revised up and was stronger than expected as inflation accelerated in the … Continued
A replay of the Cox Automotive Q3 2022 Industry Insights and Sales Forecast Call held on Wednesday, September 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 third quarter. The Cox Automotive September … Continued
