Revised, July 14, 2023 – The inventory and days of supply of used vehicles edged higher at the end of May from April, and the average listing price climbed past the $27,000 mark, according to the Cox Automotive analysis of vAuto Available Inventory data. 2.20M Total UnsoldUsed Vehiclesas of May 29, 2023 49 Days’ Supply … Continued
Revised, July 13, 2023 – New-vehicle inventory in May reached its highest level in two years, according to Cox Automotive’s analysis of vAuto Available Inventory data, with a notable increase from the previous month. Days of supply increased due to a slight weakening in sales toward month-end. Despite a decline in the average listing price, … Continued
New-vehicle affordability improved slightly again in May. Strong income growth helped to offset modestly higher prices and slightly higher rates. Higher prices and rates caused the typical payment to increase slightly from what had been the lowest payment in April since October. The number of median weeks of income needed to purchase the average new … Continued
The Fed did not raise rates today, which was widely expected. This was the first meeting without an increase after 10 straight increases. However, the Fed avoided calling it a pause or the end of rate increases and set a clear expectation that at least one more rate increase was likely as early as the … Continued
The Cox Automotive Monthly Industry Update is produced by the Cox Automotive Economic and Industry Insights team with the goal of providing a holistic look at the auto industry’s performance each month in video format. In Episode 13, Cox Automotive Manager of Economic and Industry Insights Mirlene Jean-Simon is joined by Executive Analyst Michelle Krebs, … Continued
Used-vehicle sales volumes were stable in May relative to April, but they were off from the normal seasonal pattern, which is to see growth. Volumes were down 11% year-to-year, the worst performance so far this year. Wholesale used vehicle values fell again in May, and the price declines accelerated as the month progressed. Consumers continue … Continued
ATLANTA, June 12, 2023 – The average price Americans paid for a new vehicle in May remained below the manufacturer’s suggested retail price (MSRP) for the fifth consecutive month, according to data released today by Kelley Blue Book, a Cox Automotive company. The average transaction price (ATP) of a new vehicle in the U.S. increased … Continued
Access to auto credit tightened again in May, according to the Dealertrack Credit Availability Index for all types of auto loans. Following tightening across all channels and all lender types in April, credit availability declined again in May in most channels. The All-Loans Index fell 0.4% to 96.4 in May, the lowest reading since February … Continued
Wholesale used-vehicle prices (on a mix, mileage, and seasonally adjusted basis) decreased 2.7% in May from April. The Manheim Used Vehicle Value Index (MUVVI) declined to 224.5, down 7.6% from a year ago. “Price erosion continued in May, with another month-over-month drop in the index bringing it 0.3 points below our January result,” said Chris … Continued
In the complex and dynamic automotive market, reliable data and smart insights provide a critical map for the road ahead. The Cox Automotive Economic and Industry Insights team strives to collect, analyze and share the best information possible, pulling from numerous reputable sources, including Cox Automotive’s unmatched portfolio of first-party automotive data. The 2023 CAMIO The … Continued
