Wholesale used-vehicle prices (on a mix-, mileage-, and seasonally adjusted basis) decreased 1.6% from October in the first 15 days of November. The midmonth Manheim Used Vehicle Value Index declined to 206.1, which was down 5.3% from the full month of November 2022. The seasonal adjustment reduced the decrease. The non-adjusted price change in the … Continued
ATLANTA, Nov. 17, 2023 – Nearly all car dealers currently using digital retailing tools claim it has positively impacted their business, especially in customer experience and satisfaction, according to Cox Automotive’s 2023 Digitization of Car Buying Study. Capturing data from shoppers, buyers, and franchise dealers, Cox Automotive’s latest research on the state of digital retailing … Continued
The Cox Automotive Monthly Industry Update is produced by the Cox Automotive Economic and Industry Insights team with the goal of providing a holistic look at the auto industry’s performance each month in video format. In Episode 16, Cox Automotive Manager of Economic and Industry Insights Mirlene Jean-Simon is joined by Rebecca Rydzewski, research manager, … Continued
Chief Marketing Officer Ken Kraft explains the driving force behind Cox Automotive’s new simplified and harmonized brand portfolio and why, in this case, less is more for customers. Have you noticed the most powerful brands keep things simple? Think Google, Apple, Uber, Coca-Cola – all are easy to recognize, familiar and concentrated in one powerful … Continued
Income growth favored consumers enough in October to offset the impact of higher prices, lower incentives, and higher auto loan rates. New-vehicle affordability improved slightly month over month and year over year, according to the Cox Automotive/Moody’s Analytics Vehicle Affordability Index. “In October, strong income growth and smaller financed amounts helped the consumer overcome negative … Continued
ATLANTA, Nov. 13, 2023 – In October, with a UAW strike underway but new-vehicle inventories on the rise, the average price paid for a new vehicle in the U.S. was $47,936, less than 1% more than the month earlier (revised to $47,797), according to Kelley Blue Book, a Cox Automotive company. Compared to one year ago, when … Continued
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
