While sales of new vehicles declined 13.4% year over year in Q3 due primarily to low inventory and high prices, sales of electrified vehicles jumped by nearly 60%, according to an analysis by Kelley Blue Book. In fact, more than a million electrified vehicles have been sold so far in 2021. Sales of electrified vehicles … Continued
In recent months, U.S. auto dealership profitability has soared. In fact, according to the Q3 2021 Cox Automotive Dealership Sentiment Index, franchised dealer profitability has never been higher, driven largely by strong demand and tight inventory of both new and used vehicles. In many cases, new vehicles have been selling at or above manufacturer’s suggested … Continued
Wholesale used vehicle prices (on a mix-, mileage-, and seasonally adjusted basis) increased 8.3% in the first 15 days of October compared to the month of September. This brought the Manheim Used Vehicle Value Index to 221.8, a 37% increase from October 2020. MANHEIM USED VEHICLE VALUE INDEXMid-October 2021 Manheim Market Report (MMR) prices saw … Continued
The trend in new daily COVID-19 cases continued falling last week. Consumer sentiment moved slightly higher for the week, and sentiment is now up slightly in October following declines all summer and in September. Inflation trends accelerated in September, and retail sales increased in September and were much stronger than had been expected. Auto loan … Continued
Inventory was the auto industry’s story in the third quarter of 2021. More specifically, a lack of new-vehicle inventory. It was the same story for grocery stores and big-box chains: supply disruptions, parts shortages and COVID-19 outbreaks. In September, new-vehicle inventory was down nearly 60% from 2020. Sales suffered accordingly. While certainly the central … Continued
With market dynamics leading to record prices and at least a two-decade-low for incentives, new-vehicle affordability declined again in September. With income growth stalling, the decline in affordability is accelerating. The number of median weeks of income needed to purchase the average new vehicle in September increased to 40.8 weeks from an upwardly revised 39.2 … Continued
CBT News, Oct. 14, 2021 – We continue to hear news of record pricing across the industry, so on today’s show, we’re learning where things stand today. Host of Inside Automotive Jim Fitzpatrick is pleased to welcome Cox Automotive Chief Economist Jonathan Smoke to discuss third quarter auto sales and he’ll also give us a … Continued
Revised Nov. 17, 2021 – New-vehicle supply fell in September to new lows – fewer than a million vehicles were available for sale – and the average listing price set another record, surpassing $43,000, according to a Cox Automotive analysis of vAuto Available Inventory data. 885,773 Total Inventoryas of Sept. 20, 2021 31 Days’ Supply … Continued
New-vehicle prices hit another all-time high in September 2021, marking the sixth straight record-setting month and surpassing $45,000 for the first time, according to a new report from Kelley Blue Book. At $45,031, the average transaction price (ATP) for a new vehicle was up 12.1% (or $4,872) from one year ago in September 2020 and … Continued
Cox Automotive Mobility’s latest white paper entitled Yes, the Electric Era is Here and It’s Good for People and the Planet explores the sustainability revolution that is underway, with EVs playing a significant role in the transportation present and future given their propensity to dramatically cut global warming emissions, charged by an ever-cleaner electricity grid. … Continued
