Cox Automotive Chief Economist Jonathan Smoke joins CarDealershipGuy Podcast to discuss the state of auto lending and what’s to come, how interest rates are impacting the car industry, the No. 1 issue for car shoppers right now, the best and worst car deals on the market, what a UAW strike could mean for the auto … Continued
Certified pre-owned (CPO) sales in August rose nearly 15%, over 12,000 units, over last August to finish at 243,132. This total is up over 12,000 units, a 5% increase from July’s number. Year-to-date CPO sales remain up 8%, or over 134,000 units, compared to the first eight months of 2022. “CPO sales continue at a … Continued
According to a recent analysis by Cox Automotive of Xtime metrics, service activity at franchised dealerships in the U.S. rebounded in August following a drop in July. After three months of consecutive declines, service revenue increased. Although the Repair Order Volume Index decreased compared to the previous year, the Repair Order Revenue Index remains higher … Continued
CBT News, Sept. 19, 2023 – Encouraging news of improving sales and affordability over the third quarter arrived amidst a backdrop of concern over a possible labor strike as the deadline for United Auto Workers leaders and Detroit-Three car manufacturers to negotiate a contract drew steadily closer. Now, 13,000 employees are staging a walkout at Stellantis, … Continued
Wholesale used-vehicle prices (on a mix-, mileage-, and seasonally adjusted basis) increased 1.5% from August in the first 15 days of September. The midmonth Manheim Used Vehicle Value Index rose to 215.4, which was down 3.5% from the full month of September 2022. The seasonal adjustment assisted the increase. The non-adjusted price change in the … Continued
The headline, aggregate measure of inflation increased on a seasonally adjusted basis in August. The Consumer Price Index (CPI) increased 0.6%, up from a 0.2% increase in July. Higher fuel prices were a key driver of the increase in August. The core CPI, which excludes Food and Energy, increased 0.3%, which was up from a 0.2% … Continued
ATLANTA, Sept. 15, 2023 — Cox Automotive announced today that Scott LeTourneau will become its new executive vice president and chief financial officer, effective September 19, 2023. LeTourneau has been with Cox since 2012 in various corporate development roles, most recently serving as senior vice president of corporate development for parent company Cox Enterprises. He … Continued
Income and vehicle market dynamics continued to favor consumers in August, as new-vehicle affordability improved again, extending the monthly streak of modest improvement all year. This time, strong income growth and higher incentives were enough to offset somewhat higher prices and steady but high interest rates. Although prices increased slightly, the typical payment also went … Continued
As widely expected, the United Auto Workers (UAW) have officially called a strike against the domestic, Detroit-based auto brands (D3). The contract between the UAW and automakers expired Thursday night, and negotiations over a new, four-year contract broke down. The UAW is pushing for major improvements in a number of areas, including wages, cost-of-living adjustments, … Continued
It’s commonly believed that what goes up must eventually come down; you can only defy gravity for so long. The continued strength of the new vehicle market in 2023 is calling this widely held belief into question. At the beginning of the year, most economists and automotive forecasters believed there was a greater than 50% … Continued
