In August, sales into large rental, commercial, and government fleets increased compared to the previous year. According to a Cox Automotive analysis of Bobit data, there was a 33.9% rise in sales to large fleets (excluding dealer and manufacturer fleets), with 172,075 units sold. Sales to rental fleets saw a 101.6% increase, while sales to … Continued
Economic growth for the second quarter was revised down, but it still showed a small increase from the first quarter. Consumer spending growth accelerated, but income growth slowed while inflation ticked up. Pending home sales increased slightly again. The August employment report was mixed. Job growth in August was stronger than expected, but prior job numbers … Continued
The video below is part of a biweekly Auto Market Report series focusing on data and insights that provide a holistic view of the auto industry. Chief Economist Jonathan Smoke leads our effort to translate data and trends into actionable insights. Download this week’s presentation
Existing home sales declined in July, while new home sales increased slightly. Total home sales fell in July as high mortgage rates hurt affordability and limited existing home supply. Jobless claims remain remarkably stable, which does not indicate a major deterioration in the labor market. Measures of consumer sentiment have declined in August as stock prices … Continued
ATLANTA, Aug. 24, 2023 – New-vehicle sales, when announced next week by automakers, are expected to once again show big gains over last year but a slight decline in the sales pace from last month. A key reason for the volume gain is new-vehicle inventory hitting its highest level in more than two years. Stronger … Continued
CBT News, Aug. 22, 2023 – Titling can be a complex and time-intensive part of the car purchase process. With strong sales volumes expected in the back half of the year and car buyers wanting to spend less time at the dealership, the time is now for managers to devise more efficient strategies. On this … Continued
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 midmonth Manheim Used … Continued
A recent analysis by Cox Automotive of Xtime metrics revealed that service activity at franchised dealerships in the U.S. decreased notably in July compared to the previous month. Service revenue declined slightly for the third consecutive month after reaching record highs in March and April. The Repair Order Volume Index decreased compared to the previous … Continued
The initial retail sales report for July showed a reacceleration in consumer spending. Adjusted for inflation, retail sales increased over June and were barely down compared to a year ago. Residential construction starts appeared to increase in July, but only because June was revised down. Housing permits were little changed, while housing starts exceeded permits, … Continued
New research from Cox Automotive suggests that consumers shopping for electric pickup trucks are not all that different from their ICE-considering counterparts. In a third round of research, Cox Automotive found that the Ford F-150 Lightning is on top for shopper consideration when compared to its EV counterparts from Chevy, GMC (Hummer), Ram, Rivian and … Continued