Last week, we reviewed our sales forecasts for the third quarter of 2022 and offered our perspective on the factors that continue to present a bumpy road for the auto industry. A replay of that presentation is posted in the Cox Automotive Newsroom. This week, we are beginning to see more clearly the September data and, … Continued
September ended with negative mojo. Damage from Hurricane Ian is just now being assessed in Florida and South Carolina. Economic indicators were mixed. The final estimates for second-quarter economic growth as measured by GDP left the 0.6% decline unchanged, but consumer spending was revised up and was stronger than expected as inflation accelerated in the … Continued
A replay of the Cox Automotive Q3 2022 Industry Insights and Sales Forecast Call held on Wednesday, September 28, is available below. Cox Automotive Chief Economist Jonathan Smoke and our Industry Insights team provided a deep dive into the economy and auto industry – the new, used and wholesale vehicle markets for the third quarter. The Cox Automotive September … Continued
As we did at the end of the second quarter, our team took a look back at the market predictions we posted in January. This quarterly review is helpful, as it allows us to see how the market has progressed compared to expectations. Forecasting is a tough business, especially in a year with so many changing … 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.
Residential construction is headed further down with a 10% decline in permits in August. Existing home sales dropped less than expected in August, but sales have fallen for seven straight months. More declines are expected as supply is shrinking as fewer existing homeowners are interested in selling. With the Fed’s aggressive rate plans, mortgage rates … Continued
The Fed raised the target for the Federal Funds Rate by three-quarters of a percentage point today, making another aggressive move to, as Fed Chair Jerome Powell suggests, induce “pain in the economy” as the cost of reducing inflation. The biggest news was not today’s increase, but the plans for where rates go from here. … Continued
The financial markets responded negatively this week to a mixed August inflation report that showed headline inflation coming down slightly, but not as much as expected, and showed core inflation accelerating with rents accelerating and food prices still growing even with gas prices declining. Retail sales in August were stronger than expected. Consumers spent less … 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.
Average new-vehicle prices hit a new record in August. Pricing power remains strong for manufacturers and dealers. Used-vehicle sales increased in August from July. Used supply is a bit higher than normal in retail and in wholesale, and as a result, wholesale prices in August declined more than normal for the time of year. Supply came … Continued
