Sales of certified pre-owned (CPO) vehicles declined 2% year over year in December and were up 24% month over month compared to November, reflecting a normalizing market coming off of a resilient performance in the summer and fall months. For December, 231,042 CPO units were sold. The CPO market has been one of the strongest … Continued
Affordability improved in December, as represented by median weeks of income needed to purchase a new vehicle declined to 32.2 weeks from 33.8 weeks in November. The index was below the mid-point for the extreme highs and lows experienced in 2020 as every key variable (price paid, interest rate, incentives, and income) had substantial shifts … Continued
Access to auto credit improved modestly in December according to the Dealertrack Auto Credit Availability Index for all types of auto loans. The All Loans Index improved 0.1% to 94.9 in December, reflecting that auto credit was slightly easier to get in the month. However, access remains tighter by 5.0% year over year or by 4.4% compared to February before the pandemic began. Unlike November, not all loan types saw … Continued
New-vehicle inventory held steady heading into the new year, while the average listing price soared past the $40,000 mark throughout December, according to a Cox Automotive analysis of vAuto Available Inventory data. 3M Total Inventory 70 Days’ Supply $40,684 Average List Price The total U.S. supply of available unsold new vehicles stood at 3 million … Continued
In December, 165,713 total fleet units were sold, compared to 132,145 in November. Combined sales into large rental, commercial, and government buyers were down 25% year over year in December. Government units were up 3% year over year, on a small base, while rental units were down 41% year over year in December, an improvement … 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
During the Cox Automotive Industry Insights 2021 Webcast held on Friday, January 8, Cox Automotive Chief Economist Jonathan Smoke was joined by Charlie Chesbrough, senior economist, and others. During this 90-minute session, they give a deep dive into the economy and auto industry – the new, used and wholesale vehicle markets for 2020, as well as our 2021 … Continued
Last week saw continued growth in COVID-19 cases. We are likely to hit new records and an eventual peak in daily cases in the next seven to 10 days. The rise in COVID-19 cases in December resulted in job losses for the month, mostly in the service sector. More job losses are expected until we … Continued
Predicting the future has long been a hazardous business, as crystal balls are more often anything but crystal clear. Indeed, consider any forecast offered in January 2020: An economy-crashing pandemic was not in the cards. Still, as we face a new year, the Research & Market Intelligence team at Cox Automotive has given thought to … Continued
ATLANTA (Jan. 8, 2021) – Wholesale used-vehicle prices (on a mix-, mileage-, and seasonally adjusted basis) decreased 0.59% month over month in December, putting the Manheim Used Vehicle Value Index to 161.1, a 14.2% gain from a year ago. Manheim Market Report (MMR) prices declined each week over the four full weeks of December, resulting … Continued
