ATLANTA – July 14, 2023 – After a successful launch and aggressive expansion in the eastern U.S., Cox Automotive has now enabled sellers in California to join in the Upside™ wholesale experience. This significant expansion brings on sellers throughout California, making it easier for buyers in the western half of the country to find attractive … Continued
Updated, Aug. 10, 2023 – New-vehicle inventory and prices continued to stabilize in June while electric vehicle inventory climbed, closing the month with twice the days’ supply as new vehicles in total, according to Cox Automotive’s analysis of vAuto Available Inventory data. 1.98M Total Inventoryas of July 3, 2023 56 Days’ Supply $47,162 Average Listing … Continued
Nearly 300,000 new electric vehicles (EVs) – full battery-electric vehicles – were sold in the U.S. in Q2, a record for any quarter and an increase of 48.4% from Q2 2022. Tesla, again, was the largest seller of EVs in the U.S., with more than 175,000 sold, an increase of 34.8% quarter over quarter. Sales … Continued
ATLANTA, July 11, 2023 – The average price Americans paid for a new vehicle in June 2023 was 1.6% higher than one year ago, the smallest year-over-year price increase since the start of the global pandemic. According to Kelley Blue Book, a Cox Automotive company, the average transaction price (ATP) of a new vehicle in … Continued
A replay of the Q2 2023 Manheim Used Vehicle Value Index Call held on Monday, July 10, is available below. Cox Automotive Chief Economist Jonathan Smoke and Chris Frey, senior manager of Economic and Industry Insights for Cox Automotive, discussed the latest Manheim Used Vehicle Value Index and the major economic and industry trends that … Continued
Access to auto credit improved in June after hitting a two-year low in May, according to the Dealertrack Credit Availability Index for all types of auto loans. Following tightening that occurred this spring during the banking crisis, June marked an important turning point that saw credit access improve across all channels and all lender types. … Continued
ATLANTA, July 10, 2023 – The Manheim Used Vehicle Value Index (MUVVI) declined to 215.1 in June, ending the first half of 2023 down 10.3% from a year ago. Additionally, wholesale used-vehicle prices (on a mix, mileage, and seasonally adjusted basis) decreased by 4.2% in June. This decrease, a record for June, was impacted by … Continued
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
