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
The Cox Automotive Monthly Industry Update is produced by the Cox Automotive Economic and Industry Insights team with the goal of providing a holistic look at the auto industry’s performance each month in video format. In Episode 15, Cox Automotive Manager of Economic and Industry Insights Mirlene Jean-Simon is joined by Rebecca Rydzewski, research manager, … 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
ATLANTA, Sept. 12, 2023 – The average price Americans paid for a new vehicle in August 2023 was virtually flat compared to one year ago, as higher inventory levels and increased incentives held year-over-year price gains in check. The average transaction price of a new vehicle in August was $48,451, up only $42 from one … Continued
Access to auto credit improved again in August, according to the Dealertrack Credit Availability Index for all types of auto loans. Following tightening across all channels and all lender types in the spring, the summer has shown continuous improvement in credit access across most channels and all lender types, except new, which had a decrease. … Continued
