Pending home sales were a surprise to the upside in January. The strength in new and pending home sales may be short-lived, with mortgage rates moving substantially higher in February and the weather being less cooperative. The light new-vehicle sales pace, or seasonally adjusted annual rate (SAAR), declined in February to 14.9 million. Still, the … Continued
Sales into large fleets, not including sales into dealer and manufacturer fleets, increased 48% year over year in February to 183,954 units, according to an early estimate from Cox Automotive. New-vehicle inventory is vastly better than year-ago levels, enabling automakers to be more aggressive with fleet sales. Combined sales into large rental, commercial, and government … Continued
ATLANTA – March 2, 2023 – Cox Automotive has tapped Derek Hansen as vice president of Operations, Inventory Management Solutions. In this new role, he will advance vAuto’s new Variable Management strategy, supported by its flagship solution ProfitTime® GPS, while continuing to grow Kelley Blue Book® Instant Cash Offer and Upside™—ultimately helping dealers achieve more profitable … Continued
Shopping for electrified vehicles, which includes both hybrids and EVs, has stabilized, with almost 25% of new-vehicle shoppers considering an electrified model, according to the latest Kelley Blue Book Brand Watch™ report. However, when it comes to the specific type of electrified vehicle, hybrids seem to be more popular, with 18% of electrified shoppers considering … Continued
ATLANTA (Feb. 28, 2023) – Driven to keep the world’s fleets moving efficiently, safely and sustainability, Cox Automotive today announced the acquisition of fleet industry leader FleetNet America®. With the acquisition, Cox Automotive Mobility and FleetNet are creating the foundation that will transform operating a fleet, where every vehicle, and every service is connected. “The market leadership that … 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.
As the old saying goes: “Volume is for vanity, profit is for sanity.” Automakers and dealers alike have a very important strategic business question to answer: to pursue volume or gross profit. There is an interesting divergence on this fundamental question playing out today between Hyundai Motor Group and Stellantis. The Korean automaker has been … Continued
Fourth quarter real GDP growth was revised down as consumer spending was downgraded more than the slowing originally estimated. Inventory growth helped deliver the relatively strong-looking number, which doesn’t speak to strong economic conditions. However, consumer spending has accelerated to start 2023. Consumer spending growth accelerated in January as personal income growth also accelerated. The … Continued
For many current car shoppers, new-vehicle prices are about as enjoyable as a sharp stick in the eye. All the reasons are well documented – supply disruptions, low inventory, new technology, higher interest rates, and automakers focused on high-earning buyers. With the average manufacturer’s suggested retail price (MSRP) now close to $50,000, finding big-ticket items … Continued
Updated, March 2, 2023 – The Cox Automotive Industry Insights team was expecting the auto market to deliver both year over year and month over month sales increases in February, and initial results indicate the sales gains were there. In fact, results likely beat the Cox Automotive forecast, with the sales pace likely reaching 14.9 … Continued
