Wholesale used-vehicle prices (on a mix, mileage, and seasonally adjusted basis) increased 2.5% in January compared to December. The Manheim Used Vehicle Value Index (MUVVI) rose to 224.8, down 12.8% from a year ago. January’s increase was driven in part by the seasonal adjustment. The non-adjusted price change in January was an increase of 1.5% … Continued
Shopping consideration for GMC vehicles hit an all-time high in the fourth quarter as pickup trucks showed strength, according to the most recent Kelley Blue Book Brand Watch report on non-luxury vehicle shopping. The Kelley Blue Book Brand Watch™ report is a consumer perception survey that also weaves in shopping behavior to determine how a … Continued
Sales into large fleets, not including sales into dealer and manufacturer fleets, increased 58% year over year in January to 154,379 units, according to an early estimate from Cox Automotive. The large year-over-year gain was amplified by historic low fleet sales a year ago. Still, combined sales into large rental, commercial, and government fleets have … Continued
The light new-vehicle sales pace increased in January to 15.7 million, with strength coming from fleet sales. New-vehicle prices declined slightly, and incentives increased. The headline unemployment rate declined to 3.4% from 3.5% in January. This is a 54-year low in the unemployment rate and is the lowest unemployment rate that the U.S. had seen … Continued
The Fed raised the target for the Federal Funds Rate by a quarter percentage point today, as expected, which was the smallest increase since the first of seven increases in 2022. Last year’s increases resulted in the largest sustained one-way move in rates in Fed history. The biggest news from the Fed today was that … Continued
Honda Motor Company reported lower combined Honda and Acura U.S. sales in December, marking 17 straight months of decline. Sales for Honda’s third quarter of fiscal year 2023 – the October-December quarter – also dropped, making it the sixth consecutive quarter of declines. For the past year, Honda had the lowest inventory of any automaker in the U.S. Honda attributes … Continued
Driven in part by strength from its electric vehicles, Ford Motor Co. could deliver better-than-expected financial results for the final quarter of 2022 when it reports them on Thursday, Feb. 2, Wall Street analysts say. Ford is forecasted to be in the black for the quarter, following the third-quarter loss caused by one-time charges tied … 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, Jan. 30, 2023 – Cox Automotive presented its annual Barbara Cox Woman of the Year Award to Beth Beans Gilbert, vice president at Fred Beans Automotive Group, headquartered in Doylestown, Pa. Fred Beans Automotive Group is one of the largest, privately owned automotive groups in Pennsylvania with nearly 1,800 employees and more than $1 billion in annual sales. Named … Continued
Automotive News Daily Drive Podcast, Jan. 30, 2023 – Cox Automotive Chief Economist Jonathan Smoke joins Jamie Butters, executive editor at Automotive News, for an episode of the Daily Drive podcast. On this episode, Butters and Smoke discuss the economic headwinds ahead in 2023. Renault and Nissan agree on a framework to rebalance their alliance. And the EV … Continued
