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
ATLANTA, June 10, 2024 – The latest Cox Automotive Dealer Sentiment Index (CADSI) remained stable from Q1 to Q2 2024 despite dealer uncertainty in the market and economy. The Q2 current market index score of 42 indicates most U.S. auto dealers see the market as weak. One year ago, the index was 45, also below … Continued
Access to auto credit declined slightly in May as credit tightened across most channels and all lender types, according to the Dealertrack Credit Availability Index. The All-Loans Index was 94.8 in May, down only 0.1 from the upwardly revised April reading but up 0.9% year over year. The subprime share and negative equity share both … Continued
