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
Sales of certified pre-owned (CPO) vehicles declined 12% year over year in February but were up 4% month over month compared to softer sales in January. In February, 209,744 CPO units were sold. The CPO market has been one of the strongest performing segments within the auto retail market despite the ongoing pandemic. Going into 2021, … Continued
Affordability improved in February, as represented by median weeks of income needed to purchase a new vehicle declined to 31.7 weeks from 32.5 weeks in January. The Cox Automotive/Moody’s Analytics Vehicle Affordability Index continues to show that new vehicles have become relatively more affordable since October 2020, when the affordability index reached 35.3 weeks, the … Continued
The downward trend in new daily COVID-19 cases continues. Improving conditions are leading to rollbacks of restrictions, and economic activity and employment are improving as a result. Traditional jobless claims are seeing gradual declines. However, pandemic assistance claims, which have been extended through September, are growing. Joblessness remains high: Traditional and new jobless claims are trending … Continued
The estimated average transaction price for a light vehicle in the United States was $41,066 in February 2021, according to the valuation analysts at Kelley Blue Book. New-vehicle prices increased $2,515 (up 6.52%) from February 2020, while falling $31 (down 0.08%) from January 2021. “Average transaction prices continue to rise year-over-year and given the economy hasn’t fully recovered from the pandemic, we expect prices have yet to reach their peak,” said Kayla Reynolds, … Continued
Access to auto credit increased in February and was the most accessible since May 2020 according to the Dealertrack Auto Credit Availability Index for all types of auto loans. The All Loans Index increased 1.1% to 95.8 in February, reflecting that auto credit was easier to get in the month compared to January. Access remains … Continued
New-vehicle inventory climbed through February due to slower sales caused by winter storms, but it remains lower than year-ago levels as prices keep rising, according to a Cox Automotive analysis of vAuto Available Inventory data. 2.82M Total Inventory 78 Days’ Supply $40,178 Average List Price The total U.S. supply of available unsold new vehicles stood … 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
In February, 178,252 total fleet units were sold, compared to 153,372 in January, a 16.2% month-over-month improvement. Combined sales into large rental, commercial, and government buyers were down 36% year over year in February. Government units were down 39% year over year, on a small base, while rental units were down 43% year over year … Continued
The step change to all-digital wholesale in 2020 drove the industry forward in a way none of us could have predicted. What would have normally taken us years as an industry to reach, we achieved overnight. But we know that the transition was harder for some than others, and that’s why we focused much of … Continued
