Used-vehicle sales slowed in October, and wholesale vehicle values resumed declining, erasing more than the small increases in the prior two months. Consumers are still leveraging credit as non-mortgage credit expanded by $9.06 billion in September, reversing some of August’s decline. Auto credit access improved again in aggregate in October across all channels and with … Continued
Used-vehicle inventory volume at the start of November was slightly higher than in early October but days’ supply remained flat, according to the Cox Automotive analysis of vAuto Available Inventory data. 2.30M Total UnsoldUsed Vehiclesas of Nov. 6, 2023 49 Days’ Supply $26,533 Average Listing Price 69,971 Average Mileage The total supply of unsold … Continued
The Dealertrack Auto Credit Availability Index shows that access to auto credit improved in October for all types of auto loans. Credit access loosened across all channels and lender types this fall, continuing the trend that began in the summer. However, even though credit access improved, it was still tighter than a year ago and, … Continued
Despite UAW strikes at several plants throughout the month, new-vehicle inventory at the start of November was even higher than in early October, according to Cox Automotive’s analysis of vAuto Available Inventory data. The UAW and Detroit automakers have reached tentative contracts and settled the strike. Workers are back on the job as they vote … Continued
With the computer chip shortage easing since last year, American Honda Motor saw improved production and higher inventory. Better product availability has led to substantially higher U.S. sales of late and should help boost Honda Motor’s overall revenue when quarterly results are reported Nov. 9. Inventory on core models, in particular, improved significantly, prompting a … Continued
To echo remarks by Nissan’s U.S. sales chief regarding recent quarterly vehicle sales, what a difference inventory makes. Indeed, having much-improved inventory after last year’s computer chip shortage resulted in substantial sales increases for Nissan and Infiniti in the U.S. and should benefit Nissan Motor globally when quarterly financial results are posted on Nov. 9. … 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
Wholesale used-vehicle prices (on a mix, mileage, and seasonally adjusted basis) decreased 2.3% in October from September. The Manheim Used Vehicle Value Index (MUVVI) dropped to 209.4, down 4.0% from a year ago. “October revealed some not-so-spooky price moves, namely a reversal of the gains that were seen during the prior two months,” said Chris … Continued
In October, sales into large rental, commercial, and government fleets declined compared to the previous year. An analysis of Bobit’s data by Cox Automotive revealed that there was a 10.4% drop in sales to large fleets (excluding dealer and manufacturer fleets) in October, with 162,590 units sold. In addition, sales to commercial fleets decreased by … Continued
Job growth in October slowed and was weaker than expected. Prior job numbers were revised down, and the unemployment rate increased to the highest level since the beginning of 2022 while wage inflation moderated slightly. The labor market is showing the impact of the Fed’s efforts to slow the economy. Financial markets cheered the result … Continued
