An unexpectedly strong close to April sales, combined with the shutdown in auto production due to COVID-19, has left the U.S. auto industry with much lower inventory volume than a month ago. General Motors and Toyota, in particular, show potentially problematic declines in truck inventory. Cox Automotive Senior Economist Charlie Chesbrough explains: “How much inventory … Continued
Industry experts, including those on the Cox Automotive Industry Insights team, have long been expecting digital retailing to transform the automotive retail process. It’s what consumers have been demanding and, in all business, consumers eventually get what they want. Cox Automotive has been a leader in providing digital retailing solutions for years now, and many … Continued
Year-over-year growth in fleet sales began a strong decline compared to the prior year as combined rental, commercial and government purchases of new vehicles were down 70.1% in April. Total fleet volume in April was 72,084, down significantly from 240,914 in April 2019. Rental units led the drop with a 76.6% decrease year over year … 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. This week, Jonathan examines: The latest on COVID-19’s nationwide impact Jobless claims and impacts by state Consumer sentiment in the U.S. and in the 142 largest markets … Continued
General Motors posts first-quarter 2020 financial results on Wednesday, May 6. The automaker already has signaled a tough quarter, as it suspended its dividend and stock buybacks. Here are some data points from Cox Automotive on GM’s first-quarter market performance in the U.S., where the company derives the bulk of its profits. Sales and market … Continued
Auto Remarketing, May 4, 2020 – NextGear Capital Scott Maybee joined the Auto Remarketing Podcast with host Joe Overby to discuss how the company is helping dealers during COVID-19, a resource hub and more. The company announced in late April that it would continue to defer curtailment and extension payments for eligible floor plan advances. The … Continued
UPDATED, May 4, 2020 – The sales numbers are in, and April’s results were bad but not as bad as expected. On a seasonally adjusted basis, April’s rate of 8.6 million was the worst back to January 1976. However, based on pure volume, April 2020 still did about 50,000 better than the worst volume month which was … Continued
As Fiat Chrysler prepares to re-open its plant in North America, it will report its first-quarter 2020 financial results on Tuesday, May 5. Here are some data points from Cox Automotive on FCA’s first-quarter performance in the U.S. market where the company derives the bulk of its profits. Sales and market share FCA sales dropped … Continued
The peak in daily new COVID-19 cases was over a week ago, so case growth is on a declining but inconsistent trend. Meantime, the economic fallout is evident in negative growth and record unemployment. Progress in slowing the virus is inconsistent as individual markets each have their own unique pandemic curves. Testing is ramping up … Continued
Auto Remarketing, April 30, 2020 – With dealership lots full of cars, reduced demand and fewer consumers in the market, there are steps that dealers across the U.S. can take now to position themselves for the best chance of recovery in the months ahead. Majd Saboura, senior director of offsite solutions at Manheim, shares his thoughts on what … Continued
