Forecast: 2024
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…
New-Vehicle Affordability Improved to Best in Two Years
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…
New-Vehicle Inventory Surpasses 2.5 Million Units, 71 Days’ Supply
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.…
The Fed Remains Patient on Rate Policy, and the Market Sends Rates Lower
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…
U.S. New-Vehicle Prices Down Year Over Year for Third Straight Month; Market Shifts Toward Buyers as Incentives Climb, Profit Margins Squeezed
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,…
Auto Credit Availability Worsens Following Three Months of Improvement
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…
Auto Market Weekly Summary
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…
U.S. Auto Dealer Sentiment Tumbles in Q4, as Continued Concerns Over Interest Rates and the Economy Cloud Future Prospects
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…
Wholesale Used-Vehicle Prices Decrease in November
Wholesale used-vehicle prices (on a mix, mileage, and seasonally adjusted basis) decreased 2.1% in November from October. The Manheim Used Vehicle Value Index (MUVVI) dropped to 205.0, down 5.8% from a year ago. “While November’s decline was only slightly less…
Fleet Sales Fall Again in November
In November, sales into large rental, commercial, and government fleets decreased compared to the previous year. An analysis of Bobit’s data by Cox Automotive revealed that there was an 8.9% drop in sales to large fleets (excluding dealer and manufacturer…