On May 9, the Cox Automotive Impact Summit: EV and AI was held in Detroit, attracting two dozen local media and influencers. The two 45-minute panel discussions and a Q&A focused on two of the industry’s most important topics today and showcased how Cox Automotive is leading change in both areas. Session 1: EVs Following opening remarks … Continued
Access to auto credit declined slightly in April as credit tightened across new and certified pre-owned (CPO) channels and at banks and captives, according to the Dealertrack Credit Availability Index. The All-Loans Index declined to 93.8 in April, down 0.7% year over year. Credit access in April was tighter than a year ago in all … Continued
Wholesale used-vehicle prices (on a mix, mileage, and seasonally adjusted basis) were down in April compared to March. The Manheim Used Vehicle Value Index (MUVVI) fell to 198.4, a decline of 14.0% from a year ago. The seasonal adjustment to the index magnified the results for the month, resulting in a 2.3% month-over-month decrease. The … Continued
Highlights Job Growth and Unemployment Dynamics April’s job growth has taken a significant dip, falling below expectations and revising down the tally of previous months, contributing to a broader discussion on labor market trends and economic indicators as viewed through the lens of vehicle sales, Federal Reserve policies, and average transaction prices in the auto … Continued
The Fed left interest rates and overall monetary policy unchanged today. We have now had six straight meetings with no change in rate policy. The Fed remains focused on a 2% target. Still, they appear to recognize that waiting could lead to even more economic slowing, which is ultimately the goal, with better balance of … Continued
The video below is part of a biweekly Auto Market Report series focusing on data and insights that provide a holistic view of the auto industry. Chief Economist Jonathan Smoke leads our effort to translate data and trends into actionable insights. Download this week’s presentation
Highlights First Estimate of Q1 GDP Growth Slowed More Than Expected The first estimate of Q1 real GDP performance showed a bigger deceleration in growth than expected, falling to an annualized rate of 1.6% from 3.4% in the fourth quarter. Personal consumption decelerated to growth of 2.5%, a decline from 3.3% in Q4. Spending on … Continued
Updated, May 2, 2024 – April new-vehicle sales pace finished below our forecast, despite strong sales performance by Toyota and Lexus. Other automakers, including Ford and Hyundai Motor Group, finished April about where expected, with sales slightly lower than year-ago levels. With fewer selling days this past April, volume was lower, as expected, at 1.31 … Continued
Highlights The initial retail sales report for March showed a stronger-than-expected acceleration in consumer spending. The 0.7% increase was well above the expected 0.4% growth, and February’s sales increase was revised higher. Retail sales were up 4.0% year over year on a nominal basis in the initial March reading, and was up from an upwardly … Continued
Used-vehicle inventory levels at the start of April were lower than in March, according to the Cox Automotive analysis of vAuto Live Market data, as healthy sales fueled by tax refunds drew supply down to the lowest level since the spring of 2023. 2.22M Total UnsoldUsed Vehiclesas of April 4, 2024 44 Days’ Supply … Continued