Wholesale used-vehicle prices (on a mix, mileage, and seasonally adjusted basis) decreased 4.2% in June from May. The Manheim Used Vehicle Value Index (MUVVI) declined to 215.1, down 10.3% from a year ago. “The 4.2% drop is among the largest declines in MUVVI history and the largest decline since the start of the pandemic in … Continued
The June employment report reflected a labor market finally starting to show signs of weakening, as June saw fewer jobs created than had been expected. Still, the unemployment rate declined to 3.6% and remains very low. Only two major industry sectors lost jobs in June. Average hourly earnings growth also remains strong. This is likely … Continued
Sales into large fleets, not including sales into dealer and manufacturer fleets, increased 44.6% year over year in June to 217,572 units, according to an early estimate from Cox Automotive. “The return of fleet was a key driver of the first half new auto sales increase,” said Cox Automotive Senior Economist Charlie Chesbrough. “With production levels … Continued
The 2023 Path to EV Adoption: Consumer and Dealer Perspectives study shows that despite growing interest, a gap exists between consumer enthusiasm for electric vehicles (EVs) and their actual purchasing decisions. This research recently released by Cox Automotive reveals a lack of EV readiness among U.S. automotive dealers regarding sales and service. As EV inventories … Continued
First quarter real GDP growth was revised up substantially but still reflected a modestly slowing economy in aggregate. Consumer incomes saw accelerating gains in May and remained strong while spending decelerated, leading to higher savings. All key measures of inflation declined. New home sales increased in May, while pending home sales declined. Total home sales improved … Continued
Automotive News, June 30, 2023 – Electric vehicles have reached critical mass, outpacing average days’ supply of gasoline vehicles at dealerships, according to Cox Automotive, but some dealers still need convincing. EVs are no longer exclusive to the new-vehicle market, said Chief Economist Jonathan Smoke. EV emergence in the used and wholesale market gives them … Continued
Bloomberg, June 30, 2023 – The US new-car market is returning to pre-pandemic norms as supply-chain issues resolve, forcing carmakers to ramp up deals to sustain sales growth. The annual pace of new-car sales likely rose to 15.6 million in June, from 13 million a year ago, according to the average forecast of seven market … Continued
Last week I joined the Virginia, Maryland, Kentucky, and West Virginia Auto Dealers at their annual summer convention at The Greenbriar resort in the mountains of West Virginia. The Greenbriar is one of the oldest resorts in the country, having opened in 1913. When I arrived it was a rainy, gloomy afternoon, but that didn’t … Continued
A replay of the 2023 Cox Automotive Mid-Year Review webcast held on Tuesday, June 27, is available below. Chief Economist Jonathan Smoke, Senior Economist Charlie Chesbrough, plus Chris Frey and Jonathan Gregory, senior managers of Economic and Industry Insights, presented how the auto industry performed in the first half and what’s likely ahead, including updated 2023 Cox Automotive … Continued
By Jessica Stafford, senior vice president of Consumer Solutions at Cox Automotive I had the pleasure of representing Cox Automotive Inc. on a recent Automotive Press Association panel on my favorite topic – the state of auto retail! I was joined by Eric Frehsee, president of Tamaroff Auto Group, and Matt VanDyke, president of Shift … Continued
