Economic growth for the third quarter accelerated and was much stronger than expected at 4.9%. Most factors moved to positive, with accelerating growth in consumer spending being a major driver of the growth in the quarter. Consistent with the quarter’s performance, consumer spending growth accelerated in September, but income growth slowed. Personal Consumption Expenditure Index … Continued
Editor’s note: On the evening of Wednesday, Oct. 25, after this post was published, Ford and the UAW reached a tentative agreement on a new four-year contract. The contract has not been ratified by the UAW membership, but striking Ford workers will be going back to work, ending the production stoppages in Michigan, Kentucky and … Continued
Updated, Nov. 2, 2023 – October new-vehicle sales in the U.S. continued showing healthy results, as forecast by Cox Automotive late last month, with enough buyers shrugging off high loan rates and staying in market. Initial estimates show that the seasonally adjusted annual rate (SAAR), or sales pace, came in right at the year-to-date average … Continued
South Korea’s Hyundai Motor Company, which includes the Hyundai, Kia and Genesis brands, has been having a stellar year for growth. In 2019, Hyundai Motor ranked No. 7 in total U.S. sales. In the third quarter, it was No. 4, passing Stellantis, Honda and Nissan and lagging No. 3 Ford Motor Co. by only 66,000 … 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
The UAW strike against GM and the other Detroit automakers will overshadow what had been expected to be a solid quarter for the automaker, which reports third-quarter financial results before the stock market opens on Tuesday, Oct. 24. The UAW strike started Sept. 15 against three U.S. assembly plants, one for each automaker. GM’s Wentzville, … Continued
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
