Certified pre-owned (CPO) sales reached 222,942 units in August. This sales level reflects a 10% month-over-month decrease and a 7% year-over-year decrease when CPO sales continued their strong performance in August 2020 as an important part of the used-vehicle market recovery. The year-over-year decrease was less than the overall used-vehicle market decline of 12%. A … Continued
Wholesale used vehicle prices (on a mix-, mileage-, and seasonally adjusted basis) decreased 0.4% month over month in August. This brought the Manheim Used Vehicle Value Index to 194.5, an 18.8% increase from a year ago. The seasonal adjustment caused the monthly decline as the non-seasonally adjusted average price increased 1.4% in August, which left … Continued
The surging Delta variant of COVID-19 is having a major impact on the economy, especially on jobs. August saw a big deceleration in job creation, including zero new jobs created in Leisure & Hospitality, which had been growing fast. Pending home sales fell in July. Consumer confidence and sentiment continue to fade as COVID cases … Continued
In August, 112,069 total fleet units were sold, a 3% month-over-month decrease compared to 115,976 in July and an 11% increase from August 2020 which recorded 101,159 units. This brings the 2021 year-to-date total combined large rental, commercial, and government purchases of new vehicles to 1.2 million units, a 6% increase from this time in … Continued
Auto Remarketing, Sept. 1, 2021 – A few moments after his keynote presentation at the 25th Non-Prime Auto Financing Conference hosted by the National Automotive Finance Association, Cox Automotive chief economist Jonathan Smoke sat down with senior editor Nick Zulovich for a wide-ranging conversation. Smoke recapped the highlights of his presentation, including a popular song … Continued
ATLANTA (September 1, 2021) – Focused on being the world’s best end-to-end caretaker for the electric vehicle (EV) future from storage and logistics to remanufacturing, reuse and pre-treatment recycling, Cox Automotive Mobility today announced a foundational investment for its new global EV battery service network with the acquisition of Spiers New Technologies (SNT), a leading service provider for EV … Continued
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.
Auto Remarketing, Aug. 30, 2021 – During last week’s NIADA Convention in San Antonio, NextGear Capital president Scott Maybee joined the Auto Remarketing Podcast in one of the first in-person episodes of the show in over a year. In this episode, Maybee and Auto Remarketing senior editor Joe Overby discuss “The Way Forward for Independent Dealers,” how … Continued
The growth trend in new daily COVID-19 cases continued last week, but the pace of growth is slowing. Consumer sentiment declined again in August. Consumer spending slowed while inflation rose to its highest level in more than 30 years. The savings rate increased again as income growth outpaced spending growth. Jobless claims rose from their … Continued
It wasn’t that long ago when shoppers were overwhelmed with advertisements for incredible deals and offers on new cars: loyalty cash, conquest cash, retail cash, holiday bonus cash, dealer cash, lease cash … cash, cash, cash and more cash! Car companies used to celebrate more holidays than Hallmark has greeting cards. But all that cash … Continued
