Correction, Aug. 16, 2023 – ATLANTA, Aug. 9, 2023 – The average price Americans paid for a new vehicle in July 2023 was 0.4% higher than one year ago, the smallest year-over-year price increase in the last decade. According to Kelley Blue Book, a Cox Automotive company, the average transaction price (ATP) of a new … Continued
American Honda Motor, plagued with supply chain issues for most of 2022, is on the rebound with increased production and vehicle inventory on dealer lots leading to a significant leap in U.S. sales for the first quarter of its 2024 fiscal year. Honda raised incentives by 67% to $1,393 per vehicle, the first bump since … Continued
Wholesale used-vehicle prices (on a mix, mileage, and seasonally adjusted basis) decreased 1.6% in July from June. The Manheim Used Vehicle Value Index (MUVVI) declined to 211.7, down 11.6% from a year ago. “The July drop of 1.6% is an indicator of slowing wholesale price declines, at least when compared to the month-over-month losses we’ve … Continued
The July employment report showed further slowing in job creation. Initial jobless claims declined, though they are higher than before the pandemic. The historically low unemployment rate declined further. Average hourly earnings growth also stayed strong. The labor market is not as strong as it was a year ago, but the metrics are varied and … Continued
Sales into large fleets, not including sales into dealer and manufacturer fleets, increased 34.5% year over year in July to 171,464 units, according to an early estimate from Cox Automotive sources. July fleet volume rebounded to less than 2% below the pre-pandemic level seen in July 2019, a record year for fleet sales. “U.S. new-vehicle … Continued
Hyundai Motor Company, which includes the Hyundai, Kia and Genesis brands, had a stellar second quarter in the U.S. despite low inventories, particularly Kia. The automaker boosted incentives to over $1,000, while average transaction prices were up incrementally compared with a year ago. The U.S., where Hyundai Motor sells all three brands and Hyundai and … 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
Toyota broke its U.S. sales slump in the most recently ended quarter but barely, as the Japanese automaker continued to have one of the lowest inventory levels in the industry, limiting sales. In Japan, Toyota Motor Corp. posts financial results Aug. 1 for the April-to-June quarter, the automaker’s first quarter of its 2024 fiscal year. … Continued
Economic growth accelerated in the second quarter and was stronger than expected despite slowing growth in consumer spending. Still, consumer spending accelerated in June, enabled by strong wage gains. Consumers also have more buying power with inflation coming down. New home sales declined in June, while pending home sales increased slightly. Total home sales fell in … Continued
The Fed raised rates today by a quarter point, as expected. While the door was technically left open for additional rate hikes, conditions are not likely to merit more increases during the remaining meetings this fall. In the press conference, Federal Reserve Chair Jerome Powell indicated that the committee wants to see evidence of balance … Continued