Updated, July 6, 2023 – In the first half of 2023, the U.S. new-vehicle market has been surprisingly strong, with sales volume increasing more quickly than forecast as the industry’s inventory issues faded. Sales in June, as we’ve seen in many months prior this year, surprised to the upside, with volume beating the Cox Automotive … Continued
ATLANTA, June 27, 2023 – Despite growing interest, a gap exists between consumer enthusiasm for electric vehicles (EVs) and their actual purchasing decisions, according to new research released today by Cox Automotive. The 2023 Path to EV Adoption: Consumer and Dealer Perspectives study also reveals a lack of EV readiness among U.S. automotive dealers regarding … Continued
Auto loan performance resumed deteriorating in May as delinquencies and defaults both increased for the first time in three months. The severe delinquency rate in May was the worst since at least 2006. The default rate rose to nearly what it was in 2019. Existing home sales saw a small gain in May, but supply … Continued
Welcome to the monthly Manheim Market Insights update. Jeremy Robb, senior director 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 … 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
A recent analysis by Cox Automotive of Xtime metrics revealed that service activity increased notably at franchised dealerships in the U.S. in May compared to the previous month. Meanwhile, service revenue decreased just slightly from its previous record highs in March and April. Both the Repair Order Volume Index and the Repair Order Revenue Index … Continued
Register now to join Cox Automotive Chief Economist Jonathan Smoke, Senior Economist Charlie Chesbrough, and the Economic and Industry Insights team for the 2023 Mid-Year Review. Tuesday, June 27 11 a.m. EDT During this session, the team will share how the auto industry performed in the first half of the year and how the Cox … Continued
Certified pre-owned (CPO) sales in May rose 5.4%, over 11,000 units, from last May to finish at 219,633. This total is up nearly 5,000 units, a 2.3% increase from April’s number. CPO sales year to date remain up 6.0%, or 61,000 units, compared to the first five months of 2022, which was a rough year … Continued
Wholesale used-vehicle prices (on a mix-, mileage-, and seasonally adjusted basis) decreased 3.2% from May in the first 15 days of June. The midmonth Manheim Used Vehicle Value Index dropped to 217.3, which was down 9.4% from the full month of June 2022. The seasonal adjustment contributed to some of the decline. The non-adjusted price … Continued
Year-over-year inflation declined again in May, with headline inflation down to 4% from a year ago. More decline is ahead when used-car prices and rents finally accurately reflect what has already happened. With inflation continuing to decline and lagged impacts still coming from the monetary tightening over the last 15 months, the Federal Reserve left … Continued
