The Federal Reserve stuck to the plan of cutting 25 BPs (basis points) to continue the process of moving rates away from a too-restrictive level that has contributed to lackluster retail vehicle demand of late. There is no doubt: High rates – and limited affordability – held back new-vehicle sales in 2024. It was the … Continued
Wholesale used-vehicle prices (on a mix, mileage, and seasonally adjusted basis) were lower in October compared to September. The Manheim Used Vehicle Value Index (MUVVI) fell to 202.8, a decline of 3.2% from a year ago. The seasonal adjustment to the index reduced the change for the month, as non-seasonally adjusted values declined at a … Continued
Key Highlights Economic Insights The first estimate of third-quarter real GDP growth showed a deceleration to 2.8% from 3.0% in the second quarter. Personal Income and Spending As expected, personal income growth accelerated to 0.3% from 0.2% in August. Employment Initial October payroll estimates indicate only 12,000 jobs were created, significantly below the expected 100,000. … Continued
It’s no secret that the automotive industry is rapidly changing — especially when it comes to EVs. With that change comes a host of new challenges for dealers and OEMs, from how these vehicles are distributed when new to how they are assessed, serviced and remarketed when used. Solving those challenges is exactly what we’re … Continued
ATLANTA, Oct. 30, 2024 – Cox Automotive, the world’s largest automotive services and technology provider, announces new applications of the company’s unique first-party data assets combined with the industry’s only true omnichannel car buying experience. The result – car buyers can now search for vehicles, comparison shop inventory, determine what they can afford, and sign … Continued
Jonathan Smoke, chief economist at Cox Automotive, joins this Car Dealership Guy Podcast episode to discuss some of the biggest topics shaping the 2024 car market, including shocks and surprises, the painful new phase for the used car market, why new car discounts have plateaued, and the evolving segments of the U.S. car market.
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. This video covers a wide range of topics, including consumer spending patterns, consumer sentiment, retail vehicle sales, financing rates, supply dynamics, pricing trends and leading … Continued
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
