The Federal Reserve’s efforts to slow the economy and, specifically, the strong labor market are looking less effective, and the bond market does not like the signal it sends for the direction of interest rates. Job growth in September was much stronger than expected, and prior job numbers were revised up. The unemployment rate was … Continued
Updated, Nov. 10, 2023 – Used-vehicle inventory volume and days’ supply are tighter year over year at the start of October, according to the Cox Automotive analysis of vAuto Available Inventory data. 2.26M Total UnsoldUsed Vehiclesas of Oct. 2, 2023 49 Days’ Supply $26,752 Average Listing Price 69,456 Average Mileage The total supply of … Continued
The Manheim Used Vehicle Value Index (MUVVI) stabilized to end the third quarter with a steady September, following a period of fluctuation with declines in the first half of the year and rebounding values in Q3. Wholesale used-vehicle prices (on a mix, mileage, and seasonally adjusted basis) increased 1.0% in September from August. The Manheim … Continued
Wholesale used-vehicle prices (on a mix, mileage, and seasonally adjusted basis) increased 1.0% in September from August. The Manheim Used Vehicle Value Index (MUVVI) rose to 214.3, down 3.9% from a year ago. “September auction sales bolstered prices through the channel,” said Chris Frey, senior manager of Economic and Industry Insights for Cox Automotive. “While … Continued
Updated, Nov. 10, 2023 – Despite a UAW strike against Detroit’s three automakers and brisk sales, October opened with the highest new-vehicle inventory since early spring 2021, according to Cox Automotive’s analysis of vAuto Available Inventory data. But the strike has left GM with 60 days’ supply at the start of October and the most … Continued
At the Detroit Auto Show this past September, Lea Malloy, head of Cox Automotive’s Electric Vehicle Battery Business, and Joe George, president of Cox Automotive Mobility, discussed the company’s increasingly significant role in electric vehicle (EV) battery lifecycle management. Their fireside chat touched on many aspects of this growing industry, from government incentives to technological … Continued
Economic growth for the second quarter was unrevised at 2.1%, but revisions to historical data caused last year to be weaker and the first quarter to be stronger. As a result, the second quarter growth rate represented a modest slowing, and consumer spending growth slowed substantially. Consumer spending growth decelerated in August, but income growth … Continued
Earlier this week, our team posted its new-vehicle sales forecast for September and the third quarter. Overall, as our senior economist Charlie Chesbrough notes, many analysts can’t help but be ‘pleasantly surprised’ with industry performance so far. There are certainly headwinds blowing in the automotive business, but our industry – thanks in large part to … Continued
A replay of the Q3 2023 Cox Automotive Industry Insights and Sales Forecast Call held on Tuesday, Sept. 26, is available below. Chief Economist Jonathan Smoke and the Economic and Industry Insights team shared data and insights regarding the performance of the consumer, industry, and economy in the third quarter, including updated 2023 Cox Automotive forecasts and the Cox Automotive Q3 and … Continued
Cox Automotive provides forecasts on the new and used vehicle markets as well as leasing, fleet and CPO sales and the Manheim Used Vehicle Value Index. The Economic and Industry Insights team reviews the forecasts quarterly and updates them as changes in the market dictate. The updated 2023 forecasts were presented during the Cox Automotive … Continued
