Cox Automotive Introduces DRiVEQ, the Data Intelligence Engine Powering Its Family of Leading Services and Solutions

News Press Releases 4 min read

ATLANTA, Feb. 24, 2022 – Cox Automotive today launched DRiVEQ, the official branding of the company’s dynamic data intelligence capabilities that powers the industry’s largest portfolio of automotive solutions and services. DRiVEQ combines Cox Automotive’s broad portfolio of first-party automotive data, sourced from the company’s many end-to-end automotive solutions, with cutting-edge artificial intelligence technology. DRiVEQ is the engine that powers … Continued

Cox Automotive February Forecast: Tight Inventory Keeps U.S. Auto Sales From Gaining Traction

News Press Releases 3 min read

UPDATED, March 2, 2022 – February sales finished near 1.052 million, slightly below the Cox Automotive forecast, as tight new-vehicle inventory held back sales even more than expected. Since August, monthly sales volume has averaged near 1.05 million, and February was no exception. Until available supply at dealerships makes a significant improvement, the Cox Automotive Industry Insights team is … Continued

Dealership Service Activity Decreases in January, Revenue Hits Record, according to Xtime Metrics

3 min read

Service centers at U.S. franchised dealerships were less busy in January than in December, according to the latest analysis of Xtime metrics. The Repair Order Volume Index decreased month over month while the Repair Order Revenue Index increased. Repair order volume remains well below pre-pandemic levels, but revenue per repair set another record high. The … Continued

Auto Market Weekly Summary

5 min read

COVID-19 cases driven by the omicron variant surged to record levels in January but have been declining rapidly for more than four weeks. They are now down 85% from the peak. COVID, inflation, the weather and stock market volatility have weighed on consumer sentiment so far in 2022, but none of that kept consumers from … Continued

Used-Vehicle Supply Rises; Average Listing Price Dips From Record Levels

3 min read

Revised March 17, 2022 – Used-vehicle inventory climbed during January to more normal levels on weaker sales, according to the Cox Automotive analysis of vAuto Available Inventory data. The average list price dipped from record levels in December. 2.55M Total UnsoldUsed Vehiclesas of January 31 55 Days’ Supply $27,606 Average Listing Price 71,117 Average Mileage … Continued

Dealertrack Digital Contracting Enhances Remote Signing

News Press Releases 5 min read

ATLANTA, Feb. 17, 2022 — Cox Automotive today announced enhancements to Remote Signing on Dealertrack Digital Contracting. Expanding on Cox Automotive’s Digital Retailing portfolio of solutions, Remote Signing continues to deliver a more efficient, secure, easier digital experience anytime, anywhere – no matter how a consumer chooses to buy. “Consumer shopping and buying preferences have … Continued

Wholesale Vehicle Prices Decline in First Half of February

4 min read

Wholesale used-vehicle prices (on a mix-, mileage-, and seasonally adjusted basis) declined 1.5% in the first 15 days of February compared to the full month of January. This brought the Manheim Used Vehicle Value Index to 232.8, which was up 37.6% from February 2021. The non-adjusted price change in the first half of February was … Continued

New-Vehicle Supply Improving Slightly; Prices Retreat from Peaks

4 min read

Revised March 16, 2022 – New-vehicle inventory, boosted by growing supply from domestic automakers, edged higher in the last weeks of January, according to a Cox Automotive analysis of vAuto Available Inventory data. Prices retreated from their December peak, dipping below $45,000. 1.06M Total Inventoryas of Jan. 31, 2022 37 Days’ Supply $44,814 Average Listing … Continued

New-Vehicle Affordability Improves Modestly in January

2 min read

Bucking the worsening trend throughout most of last year, new-vehicle affordability managed to improve slightly in January despite interest rates moving higher. The improvement in affordability for the month was driven by a decline in prices combined with growth in median income. The number of median weeks of income needed to purchase the average new vehicle … Continued

Cox Automotive Auto Market Report: February 15

5 min read

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.