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
The 2023 Cox Automotive Mid-Year Review was held on Tuesday, June 27. The presentation is available for download. 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 how the team sees the industry … Continued
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
