Tight new-vehicle inventory has been an issue for the industry for nearly a year now, as inventory levels have not fully recovered from production losses in Q2 2020 caused by the pandemic. More recently, in North America, about 30 models are battling production cuts caused by an ongoing global shortage of computer chips. The industry has … Continued
Dealer News Today, March 23, 2021 – Today’s guest is Briann Finkelmeyer, senior director of New Car Solutions at Cox Automotive. Brian worked for 20 years on the OEM side of the industry and has since been involved with automotive tech developments and trends at Cox Automotive. His background makes him uniquely qualified to talk … Continued
Our Chief Economist Jonathan Smoke joins us once again from his home studio in Atlanta, GA, with the latest on the impacts of COVID-19 on the automotive industry. The latest on COVID-19’s nationwide impact Continuing jobless claims and impacts by state Consumer sentiment in the U.S. and in the largest DMAs Cox Automotive consumer survey … Continued
The trend in new daily COVID-19 cases has stopped declining, but hospitalizations and deaths continue to fall. Improving conditions are leading to rollbacks of restrictions, and economic activity is picking up. But joblessness remains stubbornly high. Jobless claims mixed: The jobless claims data last week were mixed. New initial jobless claims increased. Traditional continuing claims declined by … Continued
The board of the Federal Reserve Bank met earlier this week and confirmed their decision not to move monetary policy and issued a statement seen by many as optimistic: “… indicators of economic activity and employment have turned up recently, although the sectors most adversely affected by the pandemic remain weak. Inflation continues to run below … Continued
U.S. monetary policy was unchanged today as the Fed issued their official statement following their second meeting of 2021. The biggest changes in the official statement were in this section covering current conditions: “…indicators of economic activity and employment have turned up recently, although the sectors most adversely affected by the pandemic remain weak. Inflation … Continued
The Cox Automotive Dealer Sentiment Index for the first quarter of 2021 was recently published, showcasing how dealers feel about the current state of the automotive market. CBT News host Jim Fitzpatrick is joined by Jonathan Smoke, chief economist for Cox Automotive. Smoke joins the show to break down key findings from the index and provide some … Continued
Late last month, according to data compiled by Xtime, a Cox Automotive software brand, the service department business at an average dealership was down approximately 8% from year-earlier levels. An 8% drop in business is serious but, in fact, it’s a big improvement from much of 2020. As the pandemic took hold, mileage dropped and … Continued
Used-vehicle inventory fell from January to February just as the spring selling season got off to an early start, according to a Cox Automotive analysis of vAuto Available Inventory data. 2.59M Total Unsold Used Vehicles end of February 48 Days’ Supply $21,627 Average Listing Price The total supply of unsold used vehicles totaled 2.59 million … Continued
Given the ongoing turbulence in the automotive marketplace, the Cox Automotive Economic & Industry Insights team is publishing its mid-month view of the wholesale market, including wholesale prices. The posted material provides commentary and an updated look at the Manheim Used Vehicle Value Index and general information on segment performance for the first 15 days … Continued
