ATLANTA, April 11, 2023 – A nearly two-year trend was broken in March 2023 when the average price Americans paid for a new vehicle fell below the manufacturer’s suggested retail price (MSRP) for the first time in 20 months, according to data released today by Kelley Blue Book, a Cox Automotive company. The average transaction … Continued
In March, which featured the failure of several banks, access to auto credit loosened slightly, according to the Dealertrack Credit Availability Index for all types of auto loans. However, the aggregate measure masked varied moves happening in vehicle channels and by lender. The All-Loans Index increased 0.2% to 98.2 in March, reflecting that auto credit … Continued
The latest employment report presented another mixed view of the labor market. Job growth in March decelerated again, but the unemployment rate increased, and wage growth decelerated. Goods-related industries are shedding jobs while services add jobs. The labor market is cooling down, but likely not enough for the Fed. Jobless claims are higher than previously … Continued
The Manheim Used Vehicle Value Index (MUVVI) increased 8.6% in the first quarter, ending March at 238.1. The MUVVI has risen for four consecutive months after experiencing the largest decline within one year in the series’ history in 2022. Wholesale used-vehicle prices (on a mix, mileage, and seasonally adjusted basis) increased 1.5% in March from … Continued
ATLANTA (April 7, 2023) – According to data assembled by Cox Automotive, the world’s largest automotive services and technology provider, the market for used electric vehicles (EVs) in the U.S. is beginning to accelerate rapidly as more used EVs become available and buyers snap them up. The rapid growth of new EV sales in the … Continued
Wholesale used-vehicle prices (on a mix, mileage, and seasonally adjusted basis) increased 1.5% in March from February. The Manheim Used Vehicle Value Index (MUVVI) rose to 238.1, down 2.4% from a year ago. March’s increase was moderated by the seasonal adjustment. The non-adjusted price change in March increased by 3.5% compared to February, moving the … Continued
Sales into large fleets, not including sales into dealer and manufacturer fleets, increased 27.7% year over year in March to 225,200 units, according to an early estimate from Cox Automotive. Combined sales into large rental, commercial, and government fleets have seen eight consecutive months of double-digit, year-over-year increases. Sales into rental fleets were up 46.0% … Continued
Fourth quarter real GDP growth was revised down slightly with less strength in consumer spending, according to the third estimate released by the Bureau of Economic Analysis (BEA) on March 30. Consumer income growth and spending growth both decelerated in February. The personal savings rate increased. Key measures of inflation showed downward progress. Pending home … Continued
CNBC, March 26, 2023 – Over 300 million electric vehicles are expected to be on the world’s roads by 2030, according to the International Energy Agency. By 2050, the National Renewable Energy Laboratory expects the demand for graphite, lithium and cobalt, all critical minerals in EV batteries, to increase by 500%. It estimates that the … 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