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
Highlights Job Growth Job growth in May reaccelerated, exceeding expectations. Here’s a quick look at the highlights: Unemployment Unemployment increased in the latest data, breaking a 29-month streak of being under 4.0%. Vehicle Sales Vehicle sales performed well in May. Here are the key figures: Used-Vehicle Market The used-vehicle market demonstrated strong performance in May … Continued
Wholesale used-vehicle prices (on a mix, mileage, and seasonally adjusted basis) were down in May compared to April. The Manheim Used Vehicle Value Index (MUVVI) fell to 197.3, a decline of 12.1% from a year ago. The seasonal adjustment to the index reduced the impact on the month, resulting in values that declined 0.6% month … Continued
CBT News, June 4, 2024 – EV sales in the U.S. market surpassed 1 million units for the first time in 2023, but not everyone is on board just yet. On this episode of CBT Now, host Jim Fitzpatrick discusses the findings of Cox Automotive’s new 2024 Path to EV Adoption Study with Vanessa Ton, Senior … Continued
Highlights GDP, Personal Income and Spending The fourth-quarter real GDP growth was revised down to a 1.3% annualized increase from an initial estimate of 1.6%. This downward revision also impacted personal consumption, which was adjusted to a 2.0% increase from 2.5%. Real GDP growth year over year was revised to 2.9% from 3.0%. Personal income … Continued
