Key Highlights Housing Market Trends The housing market displayed mixed trends in September, with existing and new home sales diverging significantly. Labor Market Dynamics The labor market has been deteriorating this year, with claims increasing and lasting longer. Consumer Sentiment and Inflation Expectations Consumer sentiment showed unexpected resilience in October, buoyed by improving conditions and … Continued
Updated, Nov. 4, 2024 – Supported by higher incentives, solid inventory levels, and generally improving consumer sentiment, new-vehicle sales in October likely came in slightly higher than the Cox Automotive forecast. Initial estimates put total new-vehicle sales at 1.33 million units last month, a gain of 11% from October 2023. Cox Automotive had forecast 1.31 … Continued
The electric vehicle (EV) market continues to expand in the U.S., as recent Cox Automotive data reveal a year-over-year rise in sales for both new and used EVs. September marked the sixth consecutive month in which new EV sales surpassed 100,000 units. EV share of new vehicle sales achieved a notable 9% last month, the … Continued
Welcome to the monthly Manheim Market Insights update. Jeremy Robb, senior director of Economic and Industry Insights at Cox Automotive, offers a monthly check-in on what we are seeing in the used wholesale and retail markets, all through the wide lens of the data available from Cox Automotive. This month’s video highlights the mid-month Manheim Used Vehicle … Continued
Key Highlights Retail Sales The initial retail sales report for September showed a stronger-than-expected and accelerating 0.4% monthly gain in consumer spending. Residential Construction Trends Residential construction trends were weakly negative in September as both permits and starts declined, but both were expected to see small declines. Labor Market Seasonally adjusted initial jobless claims declined … Continued
According to an analysis of Cox Automotive’s vAuto Live Market View data estimates, retail used-vehicle sales in September1 decreased by 9% month over month from August. A total of 1.4 million used vehicles were sold at retail – from both franchised and independent dealers – during September, a 5% year-over-year increase. Days’ supply of used vehicles at the … Continued
According to the Cox Automotive analysis of vAuto Live Market View data, used-vehicle inventory levels at the start of October were lower than in September. 2.15M Total UnsoldUsed Vehiclesas of Oct. 3, 2024 47 Days’ Supply $25,361 Average Listing Price 71,918 Average Mileage As October opened, the total supply of used vehicles on dealer lots – franchised … Continued
This has been the year of automotive market “blips.” In just the last four months, we have seen an industry-wide disruption due to a cyber breach, two major hurricanes within two weeks of each other, and significant selling-day variations in the last two months. And let’s not forget business disruptions in both factories and the … Continued
Wholesale used-vehicle prices (on a mix-, mileage-, and seasonally adjusted basis) increased 0.3% from September in the first 15 days of October. The mid-month Manheim Used Vehicle Value Index increased to 203.5, down 2.8% from the full month of October 2023. The seasonal adjustment reduced the results for the month. The non-adjusted price change in … Continued
New-vehicle affordability was unchanged in September, as various factors offset any potential benefits for consumers, according to the Cox Automotive/Moody’s Analytics Vehicle Affordability Index. “Even with a larger-than-expected rate cut by the Fed in September, there hasn’t been a material improvement in auto loan rates or the overall affordability of new vehicles,” said Cox Automotive … Continued