The number of new daily COVID-19 cases continued to increase last week. New jobless claims declined to a pandemic low, but consumer sentiment declined again, losing ground so far in July. Inflation increased again in June as bottleneck-sensitive categories like used cars, car rentals and lodging saw more big gains. Used vehicles are not likely … Continued
The U.S. auto market has seen growth this year in nearly every segment, but no segment is growing more quickly and more relentlessly than electrified vehicles – the combined total of electric vehicles (EVs), hybrids and plug-in hybrids. According to an analysis of Q2 data from Kelley Blue Book, sales of pure EVs passed 100,000 units in the quarter – a first – and hybrids sales were over 250,000. … Continued
With market dynamics leading to record prices and record low incentives, new vehicle affordability declined this spring. In addition, with waning stimulus support, affordability declined in June to a new low on the affordability index, which dates to 2012. The number of median weeks of income needed to purchase the average new vehicle in June … Continued
Revised August 1, 2021 – The U.S. auto industry entered July with historically low inventories that triggered record-high prices, according to a Cox Automotive analysis of the vAuto Available Inventory data. 1.34M Total Inventoryas of June 21, 2021 29 Days’ Supply $40,999 Average Listing Price The total U.S. supply of available unsold new vehicles stood … Continued
Certified pre-owned (CPO) sales had a frenzied spring, just like the broader used-vehicle retail market. However, like the market, the frenzy cooled down as spring ended and transitioned into summer. In June, 239,049 CPO units were sold. June CPO sales were down 9% year over year and down 11% month over month as waning stimulus … Continued
We find ourselves right in the middle of one of the most unusual automotive markets any of us can remember. Inventory shortages on the new and used car sides, along with the corresponding price increases, have been dominating the headlines. However, there’s one area that’s been deeply affected by COVID-19 that hasn’t gotten a lot … Continued
Access to auto credit improved modestly in June after tightening in May, according to the Dealertrack Credit Availability Index for all types of auto loans. The All Loans Index increased 0.3% to 98.0 in June, reflecting that auto credit was easier to get in the month compared to May. Access was looser by 4.4% year … Continued
New daily COVID-19 cases continued to increase last week. Used-vehicle sales slowed to a more normal pace. New jobless claims increased slightly from the prior week, but continuing claims declined. Consumer sentiment improved modestly over the last seven days but remains down so far in July. Consumers opened new credit cards and took out new … Continued
It might be fair to call spring 2021 a full-on sales frenzy for autos, pushed by pent-up demand, government stimulus and tax returns, and a general feeling that the global pandemic, in the U.S. at least, was moving into the rearview mirror. The quarter began with the seasonally adjusted annual rate (SAAR) of sales hitting … Continued
A replay of the Q2 2021 Manheim Used Vehicle Value Index Call hosted by Cox Automotive Chief Economist Jonathan Smoke and Kayla Reynolds, industry intelligence analyst for Cox Automotive, is available below. Smoke and Reynolds were joined by Kevin Chartier, vice president of Manheim Consulting, and Joe Kichler, vice president of Manheim Logistics. Chartier highlighted key wholesale … Continued
