Retail sales were stronger than expected in September. While category performance was mixed, only clothing and home-related categories were down in the month compared to August. New construction trends were mixed again in September with permits down, starts up, multifamily weak, but single family more stable. Existing home sales declined again in September to the slowest … Continued
Welcome to the monthly Manheim Market Insights update. Jeremy Robb, senior director of economic and industry insights at Cox Automotive, offers a monthly check-in on what we are seeing in the used wholesale and retail markets, all through the wide lens of the data available from Cox Automotive. This month’s video highlights the midmonth Manheim Used Vehicle … Continued
According to a recent analysis by Cox Automotive of Xtime metrics, service activity at franchised dealerships in the U.S. declined month over month in September to 82.5, falling 10.5% from August and to the lowest level since April 2023. The Repair Order Volume Index was also lower year over year in September, down 4.3% from … Continued
Last week, as the UAW strike against the Detroit 3 automakers moved into its fourth week, the tenor and dynamics shifted. On Wednesday, October 11th, the UAW unexpectedly called all 8,700 Ford workers at the Kentucky Truck Plant to go on strike, shutting down production of some of the Blue Oval’s most profitable vehicles. For … Continued
Certified pre-owned (CPO) sales in September totaled 254,976, an increase of more than 28,000 – nearly 14% – year over year, but a slight month-over-month dip due to one less selling day. September’s total was down 12,514 units, a 5% decrease, from August’s number. “CPO sales over the last three months have been the highest … Continued
Wholesale used-vehicle prices (on a mix-, mileage-, and seasonally adjusted basis) decreased 1.6% from September in the first 15 days of October. The midmonth Manheim Used Vehicle Value Index declined to 211.0, which was down 3.3% from the full month of October 2022. The seasonal adjustment minimized the decrease. The non-adjusted price change in the … Continued
In September, strong income growth and lower vehicle prices were enough to offset higher auto loan rates. Income and market dynamics favored consumers in September, and new-vehicle affordability improved enough in the month to now see improvement year over year. This marks the first time since 2019 that the Cox Automotive/Moody’s Analytics Vehicle Affordability Index … Continued
The Federal Reserve has new data to consider ahead of its end-of-October meeting, based on the most recent inflation report. Year-over-year inflation was unchanged in September, but core price inflation, which is more relevant to the Fed’s assessment, continues to decline on a year-over-year basis. Consumers are still tapping credit cards but taking out fewer … Continued
Electric vehicle (EV) sales volumes set another record in Q3, as total sales of battery-powered vehicles jumped past 300,000 for the first time in the U.S. market. Year-to-date EV sales through September reached just over 873,000, putting the market firmly on track to surpass 1 million for the first time ever. The milestone will likely be … Continued
ATLANTA, Oct. 11, 2023 – The average price Americans paid for a new vehicle in September 2023 was down 3.4% from the start of the year, as higher inventory levels and increased incentives continued to put downward pressure on pricing. The average transaction price of a new vehicle in September was $47,899, down $360 from one year … Continued
