Highlights Increased GDP and Personal Consumption First quarter GDP growth was revised up in the third and final estimate to 1.4%, but consumer spending revised down to a larger 2.3% decline. Consumer Spending Growth Consumer spending growth accelerated in May but came in weaker than expected even though income growth accelerated. Housing Market Trends New … Continued
ATLANTA – June 26, 2024 – Cox Automotive today announced the completion of the first phase in Central Dispatch’s transformation with the launch of Central Dispatch Enterprise, a customizable package of end-to-end capabilities designed for large automotive shippers and brokers. Featuring a proven private marketplace solution that’s already been used to move 400,000+ vehicles in … Continued
A replay of the 2024 Cox Automotive Mid-Year Review webcast held on Tuesday, June 25, is available below. Chief Economist Jonathan Smoke, Senior Economist Charlie Chesbrough, and other members of the Economic and Industry Insights team presented how the auto industry performed in the first half and what’s likely ahead, including updated 2024 Cox Automotive forecasts and the … Continued
Cox Automotive provides forecasts on the new and used vehicle markets, leasing, fleet and CPO sales, and the Manheim Used Vehicle Value Index. The full-year 2024 forecasts were presented during the Cox Automotive Mid-Year Review on June 25. The Economic and Industry Insights team reviews the forecasts quarterly and updates them as market changes dictate. … Continued
New research released today by Cox Automotive, the world’s largest automotive services and technology provider, reveals that nearly 75% of automobile shoppers in the market for a vehicle expect the outcome of the U.S. presidential election in November to impact the economy. The findings underscore a high level of uncertainty in the auto market – … Continued
Update, July 3, 2024 – Initial numbers indicate that new-vehicle sales volume was down year over year by more than 3%; we were forecasting a slight increase. The sales pace last month is now being pegged at 15.3 million (SAAR), well below our forecast of 16.0 million. And all these numbers will likely be revised, as the … Continued
Cox Automotive’s Auto Market Report video delivers a comprehensive analysis of the current automotive market. Chief Economist Jonathan Smoke leads our effort to translate data and trends into actionable insights. In this biweekly video, he covers a wide range of topics, including consumer spending patterns, consumer sentiment, retail vehicle sales, financing rates, supply dynamics, pricing … Continued
The 2024 Cox Automotive Mid-Year Review will be held on Tuesday, June 25, at 11 a.m. EDT. The presentation is available for download. Join Cox Automotive Chief Economist Jonathan Smoke, Senior Economist Charlie Chesbrough, and the Economic and Industry Insights team for the 2024 Mid-Year Review. Our experts and analysts will review how the auto industry performed in … Continued
Despite immense challenges during the pandemic and microchip shortage years, dealers will acknowledge it was the best time to be in the new car business, akin to an unforgettable college rager. They enjoyed an unprecedented financial boom, with return on sales soaring from 2% to over 6% at most publicly traded auto groups. To put … Continued
Highlights Retail Sales The initial report for May indicated weaker-than-expected consumer spending, with motor vehicles and parts categories outperforming the rest. Residential Construction Residential construction trends for May were weaker than expected with a decline in the seasonally adjusted annualized rate of starts of 5.5%. Existing Home Sales Existing home sales saw a decline of … Continued