Year-over-year inflation increased in July, but core price inflation, which is more relevant to the Fed’s assessment, continues to decline. Used-vehicle sales improved in July compared with last year for the best year-over-year performance since February. Wholesale used-vehicle values fell again in July but at a decelerating pace of decline. Consumers are tapping credit cards less … Continued
Used-vehicle inventory in July hit a new high for the year, according to the Cox Automotive analysis of vAuto Available Inventory data. And while volume reached a year-to-date high, the used-vehicle market saw prices and days’ supply decrease as sales rose for the second consecutive month. 2.25M Total UnsoldUsed Vehiclesas of July 31, 2023 45 … Continued
New-vehicle inventory at the end of July was mostly unchanged from the end of June, as production and sales remained generally balanced through the month, according to Cox Automotive’s analysis of vAuto Available Inventory data. 1.96M Total Inventoryas of July 31, 2023 56 Days’ Supply $47,048 Average Listing Price The total U.S. supply of available … Continued
Access to auto credit improved again in July, 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, July marked a second month of continuous improvement of credit access across all channels and lender types, except captives which had a … Continued
ATLANTA (Aug. 9, 2023) – Cox Automotive today announced the acquisition of leading onsite fleet maintenance provider Corcoran’s Mobile Services (CMS). The acquisition further expands Cox Automotive’s nationwide fleet maintenance coverage, underscoring its continued commitment to safely servicing trucks and trailers. “We thrive on delivering a seamless experience 24/7, powered by our more than 1,400 elite technicians … Continued
Correction, Aug. 16, 2023 – ATLANTA, Aug. 9, 2023 – The average price Americans paid for a new vehicle in July 2023 was 0.4% higher than one year ago, the smallest year-over-year price increase in the last decade. According to Kelley Blue Book, a Cox Automotive company, the average transaction price (ATP) of a new … Continued
American Honda Motor, plagued with supply chain issues for most of 2022, is on the rebound with increased production and vehicle inventory on dealer lots leading to a significant leap in U.S. sales for the first quarter of its 2024 fiscal year. Honda raised incentives by 67% to $1,393 per vehicle, the first bump since … Continued
Wholesale used-vehicle prices (on a mix, mileage, and seasonally adjusted basis) decreased 1.6% in July from June. The Manheim Used Vehicle Value Index (MUVVI) declined to 211.7, down 11.6% from a year ago. “The July drop of 1.6% is an indicator of slowing wholesale price declines, at least when compared to the month-over-month losses we’ve … Continued
The July employment report showed further slowing in job creation. Initial jobless claims declined, though they are higher than before the pandemic. The historically low unemployment rate declined further. Average hourly earnings growth also stayed strong. The labor market is not as strong as it was a year ago, but the metrics are varied and … Continued
Sales into large fleets, not including sales into dealer and manufacturer fleets, increased 34.5% year over year in July to 171,464 units, according to an early estimate from Cox Automotive sources. July fleet volume rebounded to less than 2% below the pre-pandemic level seen in July 2019, a record year for fleet sales. “U.S. new-vehicle … Continued
