Sales of certified pre-owned (CPO) vehicles increased nearly 10% year over year in September but were down 6% month over month compared to August. For September, 224,536 CPO units were sold. The CPO market has been one of the strongest performing segments within the auto retail market. Consumer demand has improved from the peak of … Continued
The automotive market has been incredibly resilient during this pandemic, but credit is likely to become more challenging in the months ahead, especially as Congress has failed to pass a much-needed additional stimulus package. The Coronavirus Aid, Relief, and Economic Security (CARES) Act pumped trillions of dollars into the economy and provided support for severely … Continued
Automotive News, Oct. 14, 2020 – Unprecedented times brought on by the coronavirus pandemic called for unprecedented support. As the positive impacts of the stimulus fade, the automotive finance industry — among others — is calling for another round. The swift actions taken at the onset of the pandemic through the passage of the CARES … 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
If there’s one word to describe the U.S. automobile business, it might well be resilient. From a pretty awful Q2, when much of the industry was closed and sales volume had dropped by an alarming amount, auto sales came roaring back in Q3. Analysts across the country are remaking their forecasts – Cox Automotive analysts … Continued
Used Car Dealer Podcast, Oct. 12, 2020 – In episode #15, Zach Klempf has an in-depth interview with Senior Economist at Cox Automotive Charlie Chesbrough, and they discuss hot topics like: 1) What does an economist do and how does one become an economist at Cox Automotive 2) Charlie’s perspective on the economy from March … Continued
As the fall progresses, the trends for COVID-19 are worrisome. Daily new COVID-19 cases continue an upward trend. The case growth is accelerating and causing higher hospitalizations as well. The impact on the economy continues. Consumer sentiment has been bumpy, the jobs recovery has lost momentum, and the retail vehicle market has softened. The retail … Continued
Auto Remarketing, Oct. 8, 2020 – There is likely to be 36.1 million used-vehicle sales this year, according to the latest forecast from Cox Automotive. But that projection, and the company’s forecast for new-car sales, could hinge on whether another federal stimulus package arrives.To better illustrate that dynamic during Wednesday’s quarterly Manheim Used Vehicle Value … Continued
A replay of the Q3 2020 Manheim Used Vehicle Value Index Call hosted by Cox Automotive Chief Economist Jonathan Smoke and Zo Rahim, manager of economic and industry insights for Cox Automotive, is available below. Jonathan and Zo were joined by Zach Hallowell, vice president, Manheim Digital, who shared an update on data and developments … Continued
Wholesale used vehicle prices (on a mix-, mileage-, and seasonally adjusted basis) decreased 1.58% month over month in September. This brought the Manheim Used Vehicle Value Index to 161.2, a 15.2% increase from a year ago. Access the full report. For 25 years, the MUVVI has been the definitive source on the state of the used … Continued
