Plummeting sales, caused by the spread of COVID-19 and the subsequent shutdown of states and businesses including car dealerships, caused the inventory of unsold new vehicles to pile up at the end of March. The number of new vehicles in inventory closed the month at more than 3.7 million units after a 38% decline in … Continued
COVID-19 cases keep growing in the U.S., but the pace of increase slowed down last week even while the rate of testing increased. Stay-at-home orders are working. The related closures will lead to a substantial economic contraction in March and the second quarter. Jobless claims rise: The damage to the economy is most clearly seen … Continued
Cox Automotive has launched Dealer Forward: Reimagining Automotive Retail, a weekly panel discussion that focuses on building resilience in three key auto retail areas which airs on CBT Automotive Network. The first episode features Lori Wittman, senior vice president of dealer software and James Maynard, senior vice president of product development at Cox Automotive. They … Continued
To many we’ve spoken with, March may have been the longest month ever. Or it just seemed that way as our lives, the economy, and the auto industry began a slow-motion crash into the ditch that dragged on forever. Cox Automotive is all too aware of the impact COVID-19 is having on every corner of … 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 27.6% in March. Total fleet volume in March was 229,725, down significantly from 317,427 in March 2019. Rental units led the drop with a 34% decrease while commercial vehicle … Continued
Automotive News, April 6, 2020 – Karl Brauer, executive publisher at Kelley Blue Book, joins Shift: A podcast about mobility to discuss how the COVID-19 pandemic compares to the Great Recession, what automakers and suppliers can learn from crisis and how it will make the industry more digital. Listen here.
A replay of the Q1 2020 Manheim Used Vehicle Value Index Call hosted by Cox Automotive Chief Economist Jonathan Smoke and Zo Rahim, manager of economics and industry insights for Cox Automotive, is available below. Jonathan and Zo were joined by Zach Hallowell, vice president of Manheim Digital along with Dr. Ben Flusberg, associate vice … Continued
Watch this video with 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 used vehicle values … Continued
ATLANTA (April 7, 2020) – Wholesale used-vehicle prices (on a mix-, mileage-, and seasonally adjusted basis) decreased 1.1% month over month in March. This brought the Manheim Used Vehicle Value Index to 141.9, a 4.4% increase from a year ago. With increases in the weekly Manheim Market Report (MMR) prices starting at the end of … Continued
Wholesale used-vehicle prices (on a mix-, mileage-, and seasonally adjusted basis) decreased 1.10% month over month in March. This brought the Manheim Used Vehicle Value Index to 141.9, a 4.4% increase from a year ago. After a start of increases in weekly Manheim Market Report (MMR) prices at the end of February, March saw the … Continued
