As COVID-19 restrictions continue, automotive retailing is experiencing guarded consumer activity that has manifested itself in avoiding dealerships – whether shopping, taking test drives or processing paperwork on site. During the last six weeks, automakers and their dealer networks have moved aggressively to shift from incentives that promote option/trim convenience packages (the vehicle) to incentives … Continued
The April 2020 Cox Automotive Industry Update Report shares Cox Automotive’s multifaceted insight into the automotive marketplace to provide an overview of economic indicators, supply, demand, credit and other vital topics and trends affecting the industry. ECONOMIC INDICATORS The initial reading on Consumer Sentiment from the University of Michigan fell to 71 from 89.1 in … Continued
You can visualize the relentless rise of new-vehicle prices in the U.S. market in many ways. Average transaction price – ATP – is a common measure, showing the amount consumers pay for a vehicle. Or look to the average monthly loan payment for a new vehicle, which was $566 in 2019, up 3.4% from the … 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
COVID-19 cases keep growing in the U.S., but the pace of increase is slowing as the peak in new cases occurred a week ago. Stay-at-home orders are working. Record jobless claims: The related closures will lead to a substantial economic contraction in March and the second quarter. The damage to the economy is most clearly … Continued
Given the current turbulence in the automotive marketplace, the Cox Automotive Economic & Industry Insights team is publishing today its first-ever mid-month view of the wholesale market. This new commentary updates the Manheim Used Vehicle Value Index (MUVVI), Manheim Market Report (MMR), MMR Retention, and segment performance for the first 15 days of April.The complete … Continued
Like the new- and used-vehicle markets, the CPO market struggled last month as mandated stay-at-home orders and dealership closings severely hampered vehicle sales. Sales of certified pre-owned (CPO) vehicles decreased 40% year over year in March. CPO sales were on a record-setting pace for the year before COVID-19 and ended down 33% month over month … Continued
Now that mandated stay-at-home orders have become the norm in many parts of the country – the right thing to do – all of us are finding ways to keep busy and entertained, including car shopping. The Cox Automotive Industry Insights team took a look at visitor traffic on Cox Automotive’s two largest websites – … Continued
Watch the week four update with our Chief Economist Jonathan Smoke from his home studio in Atlanta, GA, as he explains the impact of COVID-19 on the automotive industry. Jonathan examines: The latest on COVID-19’s nationwide impact National and state-level employment impacts Consumer sentiment, including car-buying and car-servicing New and used vehicle sales trends Manheim … Continued
On today’s show, CBT News continues its coronavirus coverage by speaking with Dale Pollak, founder of vAuto and executive vice president at Cox Automotive. Dale and Jim Fitzpatrick discuss Dale’s open letter to the auto industry, managing inventory, how Cox Automotive is helping dealers maintain their success during the coronavirus outbreak, and more. Watch the interview.
