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Auto Credit Availability Worsens Following Three Months of Improvement
According to the Dealertrack Auto Credit Availability Index for all types of auto loans, access to auto credit worsened in November. Following loosening across all channels and all lender types for most of the fall months, credit access is expected to tighten across all channels and most lender types, except for captives, as fall ends. …
Auto Market Weekly Summary
Job growth in November improved modestly, about as expected. Labor force participation grew, and the unemployment rate declined while wage inflation was stable at the lowest level since June 2021. The Fed’s efforts to slow the economy and a “soft landing” still looks likely. The new vehicle sales SAAR declined in November as sales into …
U.S. Auto Dealer Sentiment Tumbles in Q4, as Continued Concerns Over Interest Rates and the Economy Cloud Future Prospects
ATLANTA, Dec. 7, 2023 – The Cox Automotive Dealer Sentiment Index (CADSI) reveals a significant decrease in U.S. auto dealer sentiment in Q4 2023 compared to Q3. This decline is attributed to the ongoing adverse effects of high interest rates and a weakening economy on the automotive market. The latest survey illuminates several areas where …
Wholesale Used-Vehicle Prices Decrease in November
Wholesale used-vehicle prices (on a mix, mileage, and seasonally adjusted basis) decreased 2.1% in November from October. The Manheim Used Vehicle Value Index (MUVVI) dropped to 205.0, down 5.8% from a year ago. “While November’s decline was only slightly less than October’s, the move lower was on our radar, given the typical seasonal downward trend …
Fleet Sales Fall Again in November
In November, sales into large rental, commercial, and government fleets decreased compared to the previous year. An analysis of Bobit’s data by Cox Automotive revealed that there was an 8.9% drop in sales to large fleets (excluding dealer and manufacturer fleets) in November, with 146,685 units sold. In addition, sales to government fleets increased by …
Cox Automotive Service Study: Dealerships Losing Ground to General Repair Shops as Costs and Visit Frequency Increase
ATLANTA, Dec. 5, 2023 – New research released by Cox Automotive today on the U.S. vehicle service industry shows that franchised dealerships continue to lose share to general repair shops. In the latest report – Under the Hood: Opportunities and Challenges in the Service Industry – franchised dealerships are shown to retain their position as …
Cox Automotive Auto Market Report: December 5th
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
Auto Market Weekly Summary
Economic growth for the third quarter was revised up in the latest estimate to the strongest in almost two years. Accelerating growth in consumer spending was a major driver of the growth, but the opposite is happening in the fourth quarter. Consumer spending grew in October but at a decelerated pace. The savings rate increased …
Trade Winds Are Shifting in the Auto Business
Catching trade winds is the fastest way for sailors to navigate across the ocean. Everyone loves it when the winds are at their back, but trouble can arise when the winds change, and they eventually do. The auto industry has been sailing for the past 3 years with forceful tailwinds generated by COVID-induced economic stimulus …
Cox Automotive Forecast: New-Vehicle Sales Pace Remains Muted Despite Higher Inventory Levels
Updated, Dec. 5, 2023 – Early indications suggest the new-vehicle sales pace in November came in at a seasonally adjusted annual rate of 15.3 million, aligned with the Cox Automotive forecast released late last month. Industry sales volumes were likely up more than 7% year over and year November and slightly higher than October. As …