March madness typically springs buyers back into the market as many consumers benefit from the extra cash of a tax return. This March, however, saw most shoppers sent home amid COVID-19 concerns to guard against infection, severely impacting our economy and teaching us new terms like “social distancing.” The entire distribution chain for new and … 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: Economic forecast and impact in the second quarter Consumer sentiment and buying behaviors Stock market, interest rates, and employment Current view of new and used retail sales … Continued
Much has changed since the first week of March. COVID-19 cases keep getting worse and will lead to a substantial economic contraction in the second quarter. The rest of the year could see some recovery, but it is too early now to call. There is some hope on the horizon with drug trials for treatments … Continued
Auto loans and leases total over 84 million accounts and represent $1.28 trillion of outstanding debt at the end of February. The number of accounts outstanding is down slightly from a record in January, but the value outstanding is a new record. Auto loans that are severely delinquent (defined as 60 days or more behind … Continued
Sales of certified pre-owned (CPO) vehicles increased 13% year over year in February and were up 10% month over month compared to January. For the month, 238,229 CPO units were sold. This year CPO sales are up 10% versus 2019, the all-time record for the CPO market, with 454,188 sold through February. This means that the … Continued
Automotive News, March 16, 2020 – The continued spread of a new coronavirus has prompted Cox Automotive’s Manheim to switch all of its auctions to simulcast-only sales. The move is effective Monday and runs through April 3. The auction giant said it will waive related fees during the period. Physical Manheim locations will operate as … Continued
As March opened, new-vehicle inventory was lower than a year ago and a month earlier because sales so far this year proved to be stronger than expected, according to Cox Automotive calculations. On a volume basis, new-vehicle inventory at the end of February was down nearly 12% from a year ago and down nearly 11% … Continued
We have near real-time views of sales and prices, but a lagged view of tax refunds. The latest data reveal that the used-vehicle market achieved liftoff last week. Through Friday, February 28, tax returns filed with the IRS were up slightly (0.1%), but the number of refunds was down 1.9%. The average refund was also … Continued
ATLANTA, March 9, 2020 – According to the Q1 2020 Cox Automotive Dealer Sentiment Index (CADSI) released today, U.S. automobile dealers’ view of the current automotive market remains negative and is mostly unchanged from Q4 2019. With an index score of 49, the rating was slightly more positive than last quarter, but the increase from … Continued
Derived from a quarterly survey that Cox Automotive issues to a representative sample of franchised and independent auto dealers from around the country, the Cox Automotive Dealer Sentiment Index (CADSI) measures dealer perceptions of current retail auto sales and sales expectations for the next three months as “strong,” “average” or “weak.” The survey also asks … Continued
