For more than 175 installments, Cox Automotive’s Auto Market Report video has delivered a comprehensive analysis of the current automotive market. Chief Economist Jonathan Smoke is signing off with this last video and moving on to be Cox Automotive’s chief strategy officer.

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Report Summary – Nov. 11, 2025

Key Highlights
  • Consumer spending and sentiment softened in October, but retail auto sales remained stable.
  • Financing conditions improved as loan rates eased and low APR options increased, supporting affordability.
  • Vehicle supply and retail prices held steady, while the labor market continued to show resilience.
Consumer Spending Growth Slowed in October
  • Year-over-year consumer spending growth decelerated in September and turned negative in October.
  • Indicates a pullback in discretionary purchases and overall market caution.
Continuing Claims Down to 1.93 Million Nationally in Mid-September
  • Unemployment claims decreased, reflecting a resilient labor market.
  • Employment levels remain above pre-pandemic benchmarks in most states.
Consumer Sentiment Down Again in October
  • The Index of Consumer Sentiment fell 3.3% in September and 3.4% in October.
  • Lower sentiment may impact future vehicle purchases and financing decisions.
Retail Sales Stabilized in October
  • New and used vehicle sales trended slightly higher through October.
  • New vehicle sales are now below last year’s levels, while used sales remain steady.
Low APR Financing Has Risen in Early November
  • Low interest rate loan share increased as November began.
  • More consumers are securing favorable financing terms.
Auto Loan Rates Turning Down Again in November After Increases
  • Average used auto loan rate decreased by 54 basis points to 13.72%.
  • Average new auto loan rate dropped by 19 basis points to 9.33%.
  • Easing rates may support affordability and stimulate demand.
New and Used Supply Stabilized Higher in October
  • New vehicle days’ supply increased from late September.
  • Used vehicle supply declined slightly but remains elevated compared to previous years.
Used Price Trends For Retail Are Stronger Than Wholesale
  • Retail prices for model year 2022 vehicles declined 0.3% last week.
Cox Automotive Leading Indicators
  • Dealer leads are up year over year so far in November on Autotrader but down on Kelley Blue Book, and leads are down for the month compared to October on both sites.
  • Unique leads per dealer are down year over year so far in November for new and used vehicles on websites hosted by Dealer.com, and new and use leads are down for the month compared to October.
  • Unique credit applications per dealer on Dealertrack were up just 3% year over year last week with the trend down week over week in aggregate with a declining trend in new loan applications.
  • Service trends on Xtime relative to last year improved in the week ending Nov. 1, as completed appointments were down 3% year over year.
Final Thoughts

October retail sales were remarkably stable with modest improvement in the second half of the month. October was hurt by the lack of EV tax credits, lower new vehicle incentives and higher auto loan rates, as well as declining consumer. We think that the labor market is holding up, with consumers holding onto their jobs, but November is not likely to see much improvement. The rates are moving lower, and if the shutdown ends soon and manufacturers pick up incentives, December could be much better.