Year-over-year inflation in aggregate declined in March more than expected, but core inflation increased. Retail sales declined in March as more categories were falling. Adjusted for inflation, retail sales declined and were down from a year ago. Auto loan performance improved in March from the seasonal impact of households receiving tax refunds. Even so, loan … Continued
New-vehicle affordability improved again in March and contributed to improving new-vehicle sales, according to the Cox Automotive/Moody’s Analytics Vehicle Affordability Index. All factors helped as declining new-vehicle prices, increasing incentives, improving incomes, and a lower average new auto loan rate reduced the average payment to the lowest level since September 2022. The number of median … Continued
Revised, May 12, 2023 – The supply of used vehicles is sparse as the spring selling season wraps up this year, according to the Cox Automotive analysis of vAuto Available Inventory data. 2.06M Total UnsoldUsed Vehiclesas of March 27, 2023 44 Days’ Supply $26,202 Average Listing Price 69,232 Average Mileage “The supply of used vehicles … Continued
Revised, May 11, 2023 – New-vehicle supply closed March at its highest level in two years despite surprisingly brisk sales, according to Cox Automotive’s analysis of vAuto Available Inventory data. Days of supply has remained relatively steady while the average listing price edged lower. 1.89M Total Inventoryas of March 27, 2023 57 Days’ Supply $46,949 … Continued
Certified pre-owned (CPO) sales in March rose 4.2%, over 9,000 units, from last March to finish at 229,542. This total is up nearly 23,500 units, or over 11%, from February’s number. March CPO Sales Assessing retail vehicle sales based on observed changes in advertised units tracked by vAuto, we initially estimate that used retail sales increased … Continued
For more than a year now, the Industry Insights team at Cox Automotive has been expecting monthly new-vehicle sales to improve. In most of 2022, monthly sales volume was consistently stuck at around 1.1 million units as low new-vehicle inventory levels squeezed sales. Inventory has improved notably, and new-vehicle sales are increasing. Inventory volume in … 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
ATLANTA, April 11, 2023 – A nearly two-year trend was broken in March 2023 when the average price Americans paid for a new vehicle fell below the manufacturer’s suggested retail price (MSRP) for the first time in 20 months, according to data released today by Kelley Blue Book, a Cox Automotive company. The average transaction … Continued
In March, which featured the failure of several banks, access to auto credit loosened slightly, according to the Dealertrack Credit Availability Index for all types of auto loans. However, the aggregate measure masked varied moves happening in vehicle channels and by lender. The All-Loans Index increased 0.2% to 98.2 in March, reflecting that auto credit … Continued
The latest employment report presented another mixed view of the labor market. Job growth in March decelerated again, but the unemployment rate increased, and wage growth decelerated. Goods-related industries are shedding jobs while services add jobs. The labor market is cooling down, but likely not enough for the Fed. Jobless claims are higher than previously … Continued
