Cox Automotive’s annual Car Buyer Journey (CBJ) Study was released today, revealing that satisfaction with the overall vehicle shopping and buying experience improved in 2023 after declining in both 2021 and 2022. Car buying satisfaction, as the study indicates, peaked in 2020. The 2023 Cox Automotive Car Buyer Journey Study shows that improved inventory levels, … Continued
Wholesale used-vehicle prices (on a mix-, mileage-, and seasonally adjusted basis) decreased 1.0% from December in the first 15 days of January. The midmonth Manheim Used Vehicle Value Index dropped to 201.9, which was down 10.2% from the full month of January 2023. The seasonal adjustment minimally added to the decline. The non-adjusted price change … Continued
Certified pre-owned (CPO) sales reached 228,237 in December, up 1.3% year over year, with an increase of nearly 3,000 units from December 2022. This represents a significant month-over-month increase, with CPO sales growing by 22,374 units or 10.9%. “Unlike overall December used sales, CPO delivered a great end-of-year gift,” said Chris Frey, senior manager of … Continued
Access to auto credit declined in December as credit tightened across most channels and across all lender types, according to the Dealertrack Auto Credit Availability Index. The All-Loans Index declined in November and dropped another 0.9% to 94.0 in December, reaching its lowest level since May and erasing improvements made in the summer and fall. … Continued
Starting in January 2024, Cox Automotive aligned its monthly used-vehicle sales reporting to vAuto used retail data. A monthly post will be published using vAuto Live Market Live data and can be found within the used-vehicle sales tag. According to Cox Automotive estimates based on vehicle registration data, total used-vehicle sales in December finished near … Continued
The affordability of new vehicles showed a modest decline in December compared to the previous month due to mixed trends. However, new-vehicle affordability improved year over year, according to the Cox Automotive/Moody’s Analytics Vehicle Affordability Index. “Due to an increase in average transaction prices, new-vehicle affordability worsened month over month in December,” said Cox Automotive … Continued
Used-vehicle prices declined again in December while used-vehicle retail sales improved. Lower prices create demand for affordability-challenged consumers. Inflation, according to the Consumer Price Index, reaccelerated modestly in December. Headline inflation increased to 3.4% from 3.1% in November. Consumer credit expanded substantially in November as credit card usage jumped. However, Access to auto credit declined in … Continued
Despite our industry’s strong start in the first half of 2023, we experienced some challenges during the second half of the year due to rising interest rates, tight vehicle supplies and a weakened economy. Much of this was beyond our control. But what we can control is putting Manheim’s diverse portfolio of physical, digital and … Continued
ATLANTA and INDIANAPOLIS, Ind., Jan. 11, 2024 – Cox Automotive proudly announces ‘Project Pink,’ an innovative initiative to celebrate diversity among its Fleet Services and Manheim technicians and support breast cancer awareness. Project Pink is a groundbreaking campaign that features high-visibility pink uniforms for female technicians at Cox Automotive. Icie Hinton, a female trailer shop … Continued
ATLANTA, Jan. 10, 2024 – The U.S. new-vehicle average transaction price in December 2023 was $48,759, an increase of 1.3% month over month but down 2.4% year over year, according to data released today from Kelley Blue Book, a Cox Automotive company. December marks the fourth consecutive month that new-vehicle transaction prices were lower year over … Continued