New-vehicle affordability declined again in June with increases in rates and prices reaching a new record, according to the Cox Automotive/Moody’s Analytics Vehicle Affordability Index. The number of median weeks of income needed to purchase the average new vehicle in June increased to 42.2 weeks from an upwardly revised 41.5 weeks in May. Supporting affordability, … Continued
ATLANTA (July 14, 2022) – As Cox Automotive continues its mission to help clients transform our industry, Lori Wittman, President of Cox Automotive Retail Solutions, has made several key changes to her leadership team. Mandi Fang becomes the new Senior Vice President of Client Operations and Tracy Noonan Fred becomes the new Senior Vice President of … Continued
In contrast to the new-vehicle market, the used-vehicle market is looking more normal with reasonably strong sales, decent inventory and prices that are high but have begun to inch down, according to the Cox Automotive analysis of vAuto Available Inventory data. 2.46M Total UnsoldUsed Vehiclesas of June 27 52 Days’ Supply $28,004 Average Listing Price … Continued
The average listing price for new vehicles rose throughout June but began to retreat by the end of the month, while inventory held relatively steady, according to Cox Automotive’s analysis of vAuto Available Inventory data. 1.12M Total Inventoryas of July 25, 2022 38 Days’ Supply $46,001 Average Listing Price The total U.S. supply of available … Continued
This much we know: New-vehicle sales in the second quarter struggled, up only modestly from the first quarter and down more than 20% from Q2 2021. The reasons are well documented – tight inventory, high prices, consumer sentiment dropping. There were a few positive notes in the Q2 sales numbers, and among them EV sales … Continued
Certified pre-owned (CPO) sales in June fell to 205,924 units, down 1% from May’s 208,423 unit sales and down nearly 17% from June 2021. So far in 2022, CPO sales peaked in April but have fallen in both May and June. June CPO Sales Leveraging a same-store set of dealerships selected to represent the country … Continued
The average price paid for a new vehicle in the U.S. in June was the highest on record and marked the first time the average transaction price (ATP) surpassed the $48,000 mark, according to new data released by Kelley Blue Book, a Cox Automotive company. The new-vehicle ATP increased to $48,043 in June 2022, according … Continued
A replay of the Q2 2022 Manheim Used Vehicle Value Index Call held on Friday, July 8, is available below. Cox Automotive Chief Economist Jonathan Smoke and Kevin Chartier, vice president of Manheim Consulting, discussed the latest Manheim Used Vehicle Value Index and the major economic and industry trends that shaped the quarter. Special guest … Continued
Access to auto credit was little changed in June, according to the Dealertrack Credit Availability Index for all types of auto loans. The All Loans Index declined 0.1% to 105.2 in June, reflecting that auto credit was slightly harder to get in the month compared to May. The index has declined for two consecutive months, … Continued
The June employment report showed a slowing in job growth, but it exceeded expectations at 372,000 jobs created, which was a historically healthy number of jobs created. The unemployment rate was also unchanged at 3.6%. Labor force participation declined slightly, and growth in average hourly earnings year over year slowed. The underemployment rate fell to … Continued