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
In September, sales into large rental, commercial, and government fleets increased compared to the previous year. According to a Cox Automotive analysis of Bobit data, there was a 26.0% rise in sales to large fleets (excluding dealer and manufacturer fleets) in September, with 154,400 units sold. Sales to rental fleets saw a 52.8% increase, while … 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
In September, the Dealertrack Credit Availability Index reported improved access to auto credit for most types of auto loans. During the summer, credit access was made more accessible across all channels and lender types. However, at the start of fall, credit access has started to tighten across most channels. Despite this, there has been an … Continued
A replay of the Q3 2023 Manheim Used Vehicle Value Index Call held on Friday, Oct. 6, is available below. Cox Automotive Chief Economist Jonathan Smoke and Chris Frey, senior manager of Economic and Industry Insights for Cox Automotive, discussed the latest Manheim Used Vehicle Value Index and the major economic and industry trends that … Continued
