The Federal Reserve increased the Fed Funds Rate by a quarter point despite the still-evolving banking crisis. Even before the Fed’s move, auto credit access tightened in March due to the banking situation. Interest rates are going higher because of widening yield spreads while terms are shortening. Both make payments move higher. Momentum for vehicle … Continued
While the main possibilities for action at this meeting boiled down to no raise and raising a quarter point, the Fed opted for the more aggressive move even though tightening was already occurring. Compared to where the thinking was two weeks ago, the decision seems moderate, but much has changed over the last two weeks. … Continued
CBT News, March 22, 2023 – Beth Beans Gilbert, vice president of the Fred Beans Automotive Group, received the 2023 Barbara Cox Woman of the Year Award from Cox Automotive earlier this year. Ken Kraft, chief marketing officer of Cox Automotive, and recipient Beth Beans Gilbert discuss the accolade on today’s Inside Automotive.
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 tax refunds, the … Continued
The latest Cox Automotive analysis of Xtime metrics shows that service activity decreased and service revenue increased month over month in February at U.S. franchised dealerships, as was the case in January. The Repair Order Revenue Index is up year over year, while the Repair Order Volume Index is down compared to February 2022. The monthly … Continued
Year-over-year inflation in aggregate declined modestly in February, but core inflation increased. Retail sales declined in February as auto sales and sales at miscellaneous store retailers declined. Adjusted for inflation, retail sales declined and were down slightly from a year ago. Residential construction increased more than expected in February. Most of the strength is in … Continued
Wholesale used-vehicle prices (on a mix-, mileage-, and seasonally adjusted basis) increased 1.8% from February in the first 15 days of March. The midmonth Manheim Used Vehicle Value Index rose to 238.6, which was down 2.1% from the full month of March 2022. The seasonal adjustment minimized the gains. The non-adjusted price change in the … Continued
The supply of used vehicles is lean as the spring selling season kicked off early and briskly this year, according to the Cox Automotive analysis of vAuto Available Inventory data. 2.07M Total UnsoldUsed Vehiclesas of Feb. 27, 2023 41 Days’ Supply $26,068 Average Listing Price 70,220 Average Mileage “Used-vehicle sales have been up significantly, causing … Continued
New-vehicle affordability improved again in February following modest improvement in January, according to the Cox Automotive/Moody’s Analytics Vehicle Affordability Index. All factors helped as declining new-vehicle prices, increasing incentives, improving incomes and slightly lower average new auto loan rate, as calculated by Moody’s Analytics, reduced the average monthly payment for a new vehicle to the lowest … Continued
Revised, April 13, 2023 – New-vehicle supply closed February higher than it ended January despite surprisingly strong sales, according to Cox Automotive’s analysis of vAuto Available Inventory data. The average listing price edged lower. 1.80M Total Inventoryas of Feb. 27, 2023 57 Days’ Supply $47,257 Average Listing Price The total U.S. supply of available unsold … Continued
