2021 Cox Automotive Service Industry Study: Parts Shortages, Staffing Concerns Hold Back Dealership Service Departments

News Press Releases 5 min read

MISSION, Kan., Oct. 11, 2021 – Despite current headwinds and market conditions, dealership service centers remain resilient and continue to be among the most preferred service providers. According to the 2021 Cox Automotive Service Industry Study released today, 34% of consumers prefer dealership service centers, a 1 percentage point increase from 2018, and ahead of general repair … Continued

Auto Market Weekly Summary

4 min read

Job creation numbers for September were disappointing, though new jobless claims fell as did the unemployment rate – to a pandemic low – while wages grew. New-vehicle sales nosedived on low inventories, delivering the lowest seasonally adjusted annual rate (SAAR) in 16 months. The retail used vehicle market also cooled but still outperformed the new-vehicle … Continued

Q3 2021 Manheim Used Vehicle Value Index Call Replay Available

1 min read

A replay of the Q3 2021 Manheim Used Vehicle Value Index Call held on Thursday, October 7, is available below. Cox Automotive Chief Economist Jonathan Smoke and Kayla Reynolds, 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. Jonathan … Continued

Wholesale Used-Vehicle Prices Hit Record High Amid New-Vehicle Inventory Shortages

News Press Releases 6 min read

CORRECTION: An earlier version of this post reported that the Manheim Index hit a record high of 203 in June. The record high was reached in May and reported in June. ATLANTA (Oct. 7, 2021) – Wholesale used-vehicle prices (on a mix-, mileage-, and seasonally adjusted basis) increased 5.3% month over month in September. This … Continued

Wholesale Price Trend Increases for New High in September

4 min read

Wholesale used vehicle prices (on a mix-, mileage-, and seasonally adjusted basis) increased 5.3% month-over-month in September. This brought the Manheim Used Vehicle Value Index to 204.8, a 27.1% increase from a year ago. MANHEIM USED VEHICLE VALUE INDEX September 2021 Manheim Market Report (MMR) values saw accelerating weekly increases throughout September. Over the full … Continued

Fleet Sales Decrease in September, Stay Slightly Above 2020 Year-to-Date Level

2 min read

In September, 98,415 total fleet units were sold, a 12% month-over-month decrease compared to 112,069 in August and a 21% decrease from September 2020 which recorded 124,930 units. This brings the 2021 year-to-date total combined large rental, commercial, and government purchases of new vehicles to 1.3 million units, a 3% increase from this time in … Continued

Auto Market Weekly Summary

4 min read

The declining trend in new daily COVID-19 cases continued last week, but consumer confidence still saw declines. Consumer spending growth accelerated in August even as income growth slowed. Inflation in August, according to the Fed’s preferred measure, was at the highest level in 30 years. The new-vehicle market lost more momentum in September. Pending home … Continued

Cox Automotive Q3 2021 U.S. Auto Sales Call Replay Available

1 min read

At the Cox Automotive Q3 U.S. Auto Sales Forecast call held on September 30, Cox Automotive Chief Economist Jonathan Smoke, Senior Economist Charlie Chesbrough and Economic and Industry Insights Manager Kayla Reynolds explained the factors that drove the auto industry in the third quarter. Additionally, Lea Malloy, head of EV Battery Solutions at Cox Automotive Mobility, … Continued

Cox Automotive Q3 2021 U.S. Auto Sales Call Presentation Available

1 min read

The Cox Automotive Q3 U.S. Auto Sales Forecast call will be held today at 10 a.m. EDT. The presentation is now available for download. Cox Automotive Chief Economist Jonathan Smoke, Senior Economist Charlie Chesbrough and Economic and Industry Insights Manager Kayla Reynolds will explain the factors that drove the auto industry in the third quarter. Additionally, Lea Malloy, … Continued

With New-Vehicle Inventory Tight, Incentive Program Volume Predictably Dips in Q3

3 min read

With new-vehicle inventory tight throughout the quarter, incentive program volume was down year over year in Q3 and down from the 5-year average. Incentive spend as a percent of average transaction price is also down, according to recent data from Kelley Blue Book. Incentive program volumes, as measured by the Cox Automotive Rates & Incentive team, … Continued