New-Vehicle Market Shrugs Off High Loan Rates, UAW Strike, Closes Q3 on a Strong Note; September Sales Forecast by Cox Automotive to be Up 13% Year Over Year

News Press Releases 7 min read

Updated, Oct. 4, 2023 – As forecast by Cox Automotive late last month, new-vehicle sales in Q3 in the U.S. were solid, spurred on by vastly improved inventories, higher fleet sales and consumers still in market despite elevated prices and high auto loan rates. Initial estimates suggest the Q3 new-vehicle market finished slightly above Cox … Continued

Q3 2023 Cox Automotive Industry Insights and Sales Forecast Call Presentation Available

1 min read

The Q3 Cox Automotive Industry Insights and Sales Forecast call will be hosted today, Sept. 26, at 11 a.m. EDT, shortly before the auto industry closes the book on the third quarter. Join Chief Economist Jonathan Smoke, Stephanie Valdez-Streaty, director of Industry Insights, Senior Economist Charlie Chesbrough, plus Chris Frey and Jonathan Gregory, senior managers of Economic and Industry Insights, … Continued

Auto Market Weekly Summary

5 min read

New construction trends were mixed in August with starts down, permits up, multifamily weak, but single family more stable. Existing home sales declined again in August when a small increase had been expected. Jobless claims are declining in September. The labor market is not as strong as it was a year ago, and claims have … Continued

Register Today: Cox Automotive Q3 2023 Industry Insights and Sales Forecast Call

1 min read

The Q3 Cox Automotive Industry Insights and Sales Forecast call will be hosted Tuesday, Sept. 26, at 11 a.m. EDT, shortly before the auto industry closes the book on the third quarter. In the upcoming webinar, Chief Economist Jonathan Smoke and the Economic and Industry Insights team will share valuable data and insights regarding the performance of the consumer, industry, and economy in the … Continued

Manheim Market Insights Series: Episode 13

1 min read

Welcome to the monthly Manheim Market Insights update. Chris Frey, senior manager 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 … Continued

Fed Holds Rate Policy Steady, But Bond Market Already Raised Actual Rates

4 min read

As expected, the Fed left rates unchanged, at least regarding the official short-term rate policy. However, they made it clear that additional rate hikes could come, as they remain “highly attentive to inflation risks.” The Fed will hold two more meetings in 2023; one on November 1 and another on December 13. The Fed also … Continued

CarDealershipGuy Podcast: What’s Next for Car Prices and Auto Lending? | Jonathan Smoke, Chief Economist at Cox Automotive

News 1 min read

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

CPO Sales Continue Trending Higher in August

2 min read

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

Dealership Service Ticket Volume and Revenue Bounce Back in August, According to Xtime Metrics

3 min read

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

How the United Auto Workers Strike Could Impact Q4 Sales — Jonathan Smoke | Cox Automotive

News 1 min read

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