New-vehicle affordability improved in July to the best level in three years as incentives grew and rates drifted lower, according to the Cox Automotive/Moody’s Analytics Vehicle Affordability Index. “New-vehicle affordability saw an improvement in July, even as auto credit availability declined,” said Cox Automotive Chief Economist Jonathan Smoke. “Consequently, while new vehicles might be somewhat … Continued
ATLANTA, Aug. 13, 2024 – New-vehicle prices were lower year over year for the 10th consecutive month in July. Higher inventory levels and higher incentives have shifted the U.S. auto market to favor buyers, but high loan rates and tight credit conditions continue to hold industry sales below potential. In July, according to data released today … Continued
July 2024 marked the fourth consecutive month of auto credit availability decline, with all lender types and channels tightening credit access, according to the Dealertrack Credit Availability Index. The All-Loans Index was 92.9 in July, down 1.0% from a downwardly revised June reading and down 1.5% year over year. Dealertrack Credit Availability Index1 Auto loan … Continued
Highlights: New-Vehicle Average Transaction Pricing Despite slight variations, the average transaction price of a new vehicle remained statistically unchanged from June at approximately $48,401. This reflects a minor dip of 0.2% year over year, but overall, an impressive increase of 24.6% since July 2019. Incentives from manufacturers are also on the rise, gaining 9.1% in … Continued
Wholesale used-vehicle prices (on a mix, mileage, and seasonally adjusted basis) were higher in July compared to June. The Manheim Used Vehicle Value Index (MUVVI) rose to 201.6, a decline of 4.8% from a year ago. The seasonal adjustment to the index amplified the impact on the month, resulting in values that rose 2.8% month … Continued
ATLANTA, Aug. 6, 2024 – Cox Automotive today announced an expanded leadership role for Executive Vice President and Chief Marketing Officer Ken Kraft. In addition to his current marketing responsibilities, Kraft will lead the company’s sales organization. He will continue to report to Cox Automotive President Steve Rowley and remain a member of the executive … 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. 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
Highlights: A Closer Look at the Job Market The job market in July saw a significant slowdown in growth. There were 114,000 new jobs created, far short of the anticipated 175,000. This resulted in an increase in the underemployment rate, the broadest measure of unemployment, which rose to 7.8%. This is 0.8 percentage points higher … Continued
The Fed left interest rates and overall monetary policy unchanged today. We have now had eight straight meetings with no change in rate policy, and this level of restrictive rates has been in place for a full year. The Fed remains focused on achieving a 2% target on core PCE. It was 2.6% in June. … Continued
ATLANTA, July 30, 2024—Today’s automotive dealers know there is power in data, but they struggle to extract actionable insights from it, according to Cox Automotive’s 2024 Power of Data study. Capturing feedback and perspective from franchise dealers and their management, the study reveals dealers are facing challenges putting data to use. However, the study also … Continued
