Access to auto credit expanded again in March according to the Dealertrack Credit Availability Index for all types of auto loans. The All Loans Index increased 1.3% to 104.5 in March, reflecting that auto credit was easier to get in the month compared to February. Access was looser by 6.6% year over year, and compared … Continued
New-vehicle sales in March were up from February but down from a year ago. The seasonally adjusted annual rate (SAAR) declined to 13.3 million from 14.1 million in February, as tight supply, record low incentives, and worsening production challenges held back the usual seasonal gain. Manufacturers continue to prioritize retail over fleet, as sales into … Continued
A replay of the Q1 2022 Manheim Used Vehicle Value Index Call held on Thursday, April 7, is available below. Cox Automotive Chief Economist Jonathan Smoke and Chris Frey, senior manager of economic and industry insights, discussed the latest Manheim Used Vehicle Value Index and the major economic and industry trends that shaped the quarter. … Continued
“No one will ever buy those online.” That used to be the conventional wisdom about clothes and home furnishings, yet eCommerce sales of both apparel and furniture increased by more than 20% in 2021.1 Consumers who used to feel strongly about seeing, touching, and trying out these items before purchase chose convenience (backed by reasonable … Continued
ATLANTA (April 7, 2022) – Wholesale used-vehicle prices (on a mix-, mileage-, and seasonally adjusted basis) declined 3.3% month over month in March. This brought the Manheim Used Vehicle Value Index (MUVVI) to 223.5, an increase of 24.8% from a year ago. The non-seasonally adjusted price change in March increased 0.6% compared to February, leaving … Continued
Wholesale used-vehicle prices (on a mix-, mileage-, and seasonally adjusted basis) declined 3.3% in March from February. The Manheim Used Vehicle Value Index declined to 223.5, which was up 24.8% from a year ago. The non-adjusted price change in March was an increase of 0.6% compared to February, leaving the unadjusted average price up 23.2% … Continued
Sales into large fleets decreased nearly 4% month over month in March to 176,322 units, after an improvement in February, and remained down more than 11% year over year. Rental fleet sales volume remains low and sales into government fleets saw a modest decline. Meanwhile, sales into commercial fleets in March saw an impressive gain … Continued
Consumers are pessimistic about today’s automotive market that has been hobbled by inventory shortages due to the global computer chip shortage that has, in turn, led to high vehicle prices, according to the most recent survey by Cox Automotive. Cox Automotive has been tracking consumer behavior and attitudes regarding the chip shortage and its consequences … Continued
The March employment report showed a deceleration in job creation, but the unemployment rate fell to the lowest level for the pandemic. Labor force participation grew again to the highest level for the pandemic. Consistent with a strong labor market, continuing claims have fallen and are now at a 52-year low. Wage growth remains strong. … Continued
With the first quarter ending, we are looking back at the 10 trends that the Cox Automotive Industry Insights team laid out in the early days of 2022 that are shaping the auto industry this year. Overall, the Cox Automotive team remains optimistic about the industry. The overall conditions are right for higher sales, but … Continued
