Inflation changed little in November but was consistent with expectations. Headline inflation declined with the second-lowest reading since March 2021. Only June was lower. Retail sales declined in November but were stronger than expected, with consumer spending having the strongest year-over-year performance since February. Access to auto credit declined in November as credit tightened across … Continued
Used-vehicle inventory volume at the start of December, at 2.36 million units, was higher by 2.4% than in early November. Still, days’ supply fell month over month, indicating used-vehicle sales growth outpaced inventory growth last month, according to the Cox Automotive analysis of vAuto Available Inventory data. 2.36M Total UnsoldUsed Vehiclesas of Dec. 4, 2023 … Continued
A decade from now, when we look back at the years immediately following the global COVID pandemic of 2020, we’ll be awed by the dramatic swings and unprecedented circumstances the economy and auto market endured. To name a few, we saw historic appreciation in vehicle values, unimagined drops in supply, and interest rates moving from … Continued
New-vehicle affordability improved slightly month over month and was again better year over year, according to the Cox Automotive/Moody’s Analytics Vehicle Affordability Index. “Trends in new-vehicle affordability factors mainly moved in favor of consumers in November to the best level of affordability in more than two years,” said Cox Automotive Chief Economist Jonathan Smoke. “Income … Continued
December opened with new-vehicle inventory at the highest level since early spring of 2021, according to Cox Automotive’s analysis of vAuto Available Inventory data. Supply surpassed 2.5 million units and 71 days’ supply for the first time in two years. 2.56M Total Inventoryas of Dec. 6, 2023 71 Days’ Supply $47,456 Average Listing Price Mounting … Continued
As expected, the Fed left interest rates and overall monetary policy unchanged today. We have now had three straight meetings with no change in rate policy. The biggest changes from the Fed are in words and forecasts. Financial markets have changed perspective quite a bit since the last Fed meeting. Bond yields and real consumer … Continued
ATLANTA, Dec. 11, 2023 – The U.S. new-vehicle average transaction price in November 2023 was $48,247, an increase of less than 1% month over month and down year over year by 1.5%, according to data released today from Kelley Blue Book, a Cox Automotive company. November marks the third consecutive month that new-vehicle transaction prices were … Continued
According to the Dealertrack Auto Credit Availability Index for all types of auto loans, access to auto credit worsened in November. Following loosening across all channels and all lender types for most of the fall months, credit access is expected to tighten across all channels and most lender types, except for captives, as fall ends. … Continued
Job growth in November improved modestly, about as expected. Labor force participation grew, and the unemployment rate declined while wage inflation was stable at the lowest level since June 2021. The Fed’s efforts to slow the economy and a “soft landing” still looks likely. The new vehicle sales SAAR declined in November as sales into … Continued
ATLANTA, Dec. 7, 2023 – The Cox Automotive Dealer Sentiment Index (CADSI) reveals a significant decrease in U.S. auto dealer sentiment in Q4 2023 compared to Q3. This decline is attributed to the ongoing adverse effects of high interest rates and a weakening economy on the automotive market. The latest survey illuminates several areas where … Continued
