Kelley Blue Book’s Senior Managing Editor Matt DeLorenzo writes This Week in Car Buying, a weekly column on KBB.com. In this week’s news, Matt writes that if you had your sights set on being an owner of the all-new mid-engine 2020 Chevrolet Corvette Stingray, your odds just got steeper. Reports have surfaced that the automaker … Continued
December 2019 auto sales came in relatively strong and ahead of many forecasts – a fitting end to a decade that delivered mostly good news for the auto industry. Honestly, though, in the past decade, the only direction possible was up. In 2010, the auto industry was in shambles. The economy had tanked, loans were … Continued
Two full weeks into January, most of the latest data reflects key trends in December. Inflation eats into wages: Inflation increased modestly in December, primarily from higher energy prices and from big increases in health care insurance. Average weekly earnings did not see real growth for the first time in 32 months as a result … Continued
Certified pre-owned (CPO) sales volume set another record in 2019 – marking the ninth consecutive year of record-breaking sales. CPO sales reached 2.80 million vehicles in 2019, up 4% from 2018, exceeding the Cox Automotive forecast of 2.75 million. 2019 was the last big year of growth in off-lease units as we reached a total … Continued
Sales of certified pre-owned (CPO) vehicles increased 5% year over year in December. For the month, 235,921 CPO units were sold, down 1% month over month compared to November, which set another CPO sales record for the year. 2019 ended the year with CPO sales up 4% versus 2018, with 2.8 million sales through December and … Continued
As I wrote in Part I of this two-part series, M LOGIC is a suite of decisioning products that brings the power of Cox Automotive data and insights to wholesale clients in a very tangible way. In that article, I described how M LOGIC™ Pricing Optimization increases consignor profits via AI-driven auction floor prices. Another way … Continued
A replay of the 2020 Cox Automotive Industry Insights Breakfast, held in Detroit on Monday, is available below. Cox Automotive Chief Economist Jonathan Smoke and his team shared their insights on how the automotive industry fared in 2019 and what they see coming in 2020. Vince Zappa, president of Clutch Technologies, and Sonya Harbaugh, co-founder and … Continued
It is important to look at average days in inventory for retail used vehicles because as used retail inventory ages, dealers begin to slow wholesale purchases. We took a look back at used-vehicle inventory levels over the past three years. 2019 started with the lowest days in inventory in January with 74 days and ended the … Continued
New-vehicle inventories came in under 4 million units for the eighth consecutive month, ending the year at their lowest levels since September 2015. Days’ supply for December was 56, down 4 days year over year and down 10 days from November. Average car days’ supply came in at 49, down 9 days year over year … Continued
Job growth is slowing, wage gains are not accelerating, and consumers are pulling back on spending as evidenced by disappointing December car sales. Job creation slows: December saw job creation slow down relative to the much bigger gain in November. Even with the smaller gain, both the headline and the underemployment rates are now at … Continued