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
Wholesale used-vehicle prices (on a mix-, mileage-, and seasonally adjusted basis) decreased 0.3% from May in the first 15 days of June. The mid-month Manheim Used Vehicle Value Index fell to 196.8, which was down 8.5% from the full month of June 2023. The seasonal adjustment lessened the impact for the month. The non-adjusted price … Continued
New-vehicle affordability improved in May, more than reversing April’s setback, according to the Cox Automotive/Moody’s Analytics Vehicle Affordability Index. “The improvement in affordability was a result of improving incentives, lower interest rates and ongoing income growth,” said Cox Automotive Chief Economist Jonathan Smoke. The estimated average auto loan rate declined in May by 22 basis points … Continued
Highlights Inflation and Interest Rates The Consumer Price Index (CPI) in May showed no change from April but was up 3.3% from one year ago. Expectations were higher, with a 0.1% increase from April and 3.4% from last May forecasted. Core CPI, which excludes volatile food and energy prices, increased 0.2% from April and 3.4% … Continued
According to an analysis of Cox Automotive’s vAuto Live Market View data estimates, retail used-vehicle sales in May increased from April and were up by 15.9% month over month. A total of 1.62 million used vehicles were sold at retail – from both franchised and independent dealers – during May, up 15.8% year over year. Days’ supply … Continued
Used-vehicle inventory levels at the start of June were slightly lower than in May, according to an analysis of Cox Automotive’s vAuto Live Market View data, as sales picked back up in May after a slowdown in April following an unexceptional tax refund season. 2.26M Total UnsoldUsed Vehiclesas of June 3, 2024 45 Days’ Supply $25,670 Average … Continued
After starting slow, May new-vehicle sales picked up toward the end of the month as expected with the Memorial Day holiday, one of the larger selling holidays for the automotive market. Spurred in part by higher sales, new-vehicle days’ supply declined four days at the start of June to 74 days, according to an analysis … Continued
Calling the economic outlook uncertain and citing only “modest” progress toward their 2% inflation objective, the Federal Reserve announced today that it will maintain its benchmark Federal Funds rate in the 5.25% – 5.50% range. The Board of Governors were unanimous in their stance. The Fed’s decision to stand pat was not a surprise, as … Continued
ATLANTA, June 11, 2024 – New-vehicle prices in May remained lower year over year for the eighth consecutive month, as higher inventory levels continued to hold downward pressure on transaction prices. Last month, according to estimates by Kelley Blue Book, the average transaction price (ATP) for a new vehicle in the U.S. was $48,389, statistically unchanged … 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. Filling in this time, Jeremy Robb, senior director of Economic and Industry insights, covers a wide range of topics, including consumer spending patterns, consumer sentiment, … Continued