The average transaction price (ATP) paid for a new vehicle in the U.S. in October was $48,623, according to new data from Kelley Blue Book. Transaction prices last month were higher than the revised September price ($48,423) and higher by 1.7% from year-earlier levels ($47,826). For more than a year now, new-vehicle prices in the … Continued
Cox Automotive’s Auto Market Report video delivers a comprehensive analysis of the current automotive market. Chief Economist Jonathan Smoke leads our effort to translate data and trends into actionable insights. This video covers a wide range of topics, including consumer spending patterns, consumer sentiment, retail vehicle sales, financing rates, supply dynamics, pricing trends and leading … Continued
Access to auto credit increased in October as credit loosened across all channels and across all lender types, according to the Dealertrack Credit Availability Index. The All-Loans Index was 94.5 in October, up 2.2% from the September reading but down 2.1% year over year. This marks the largest month-over-month increase in auto credit access since … Continued
Key Highlights New-Vehicle Sales The auto industry is experiencing a notable upswing, with new light-vehicle sales up 10.6% year over year in October. New-Vehicle Prices In October, the average transaction price of new vehicles and the average manufacturer’s suggested retail price (MSRP) both saw slight monthly increases, while manufacturer incentives experienced significant growth both monthly … Continued
The Federal Reserve stuck to the plan of cutting 25 BPs (basis points) to continue the process of moving rates away from a too-restrictive level that has contributed to lackluster retail vehicle demand of late. There is no doubt: High rates – and limited affordability – held back new-vehicle sales in 2024. It was the … Continued
Wholesale used-vehicle prices (on a mix, mileage, and seasonally adjusted basis) were lower in October compared to September. The Manheim Used Vehicle Value Index (MUVVI) fell to 202.8, a decline of 3.2% from a year ago. The seasonal adjustment to the index reduced the change for the month, as non-seasonally adjusted values declined at a … Continued
Key Highlights Economic Insights The first estimate of third-quarter real GDP growth showed a deceleration to 2.8% from 3.0% in the second quarter. Personal Income and Spending As expected, personal income growth accelerated to 0.3% from 0.2% in August. Employment Initial October payroll estimates indicate only 12,000 jobs were created, significantly below the expected 100,000. … Continued
It’s no secret that the automotive industry is rapidly changing — especially when it comes to EVs. With that change comes a host of new challenges for dealers and OEMs, from how these vehicles are distributed when new to how they are assessed, serviced and remarketed when used. Solving those challenges is exactly what we’re … Continued
ATLANTA, Oct. 30, 2024 – Cox Automotive, the world’s largest automotive services and technology provider, announces new applications of the company’s unique first-party data assets combined with the industry’s only true omnichannel car buying experience. The result – car buyers can now search for vehicles, comparison shop inventory, determine what they can afford, and sign … Continued
Jonathan Smoke, chief economist at Cox Automotive, joins this Car Dealership Guy Podcast episode to discuss some of the biggest topics shaping the 2024 car market, including shocks and surprises, the painful new phase for the used car market, why new car discounts have plateaued, and the evolving segments of the U.S. car market.