New-vehicle affordability declined slightly again in July with increases in interest rates and new-vehicle prices reaching a record high, 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 July increased to 42.2 weeks from a downwardly revised 42.0 weeks in … Continued
Inflation decelerated, consumer credit growth accelerated, and consumer sentiment is rising on lower gas prices in the latest economic data available. The Consumer Price Index (CPI) showed inflation decelerated in July. The year-over-year inflation rate was 8.5%, down from 9.1% in June. Many of the top-level categories saw declines in July, but food experienced a … Continued
The Cox Automotive Monthly Industry Update is produced by the Cox Automotive Economic and Industry Insights team with the goal of providing a holistic look at the auto industry’s performance each month in video format. In Episode 4, Cox Automotive Executive Analyst Michelle Krebs is joined by Research Manager Rebecca Rydzewski, Senior Manager of Economic … Continued
Used-vehicle inventory held steady from June to July, while sales – and prices – registered an uptick by month’s end, according to the Cox Automotive analysis of vAuto Available Inventory data. 2.46M Total UnsoldUsed Vehiclesas of July 25, 2022 49 Days’ Supply $28,219 Average Listing Price 69,554 Average Mileage The total supply of unsold used … Continued
Certified pre-owned (CPO) sales in July fell to 206,346 units, a level nearly equal to June’s volume of 206,443 and down 17% from July 2021. Since May, CPO sales have been remarkably stable. Sales of CPO are down nearly 17% year to date. Currently, they are on track to finish near 2.4 million in 2022. Using … Continued
Access to auto credit declined across the board in July according to the Dealertrack Auto Credit Availability Index for all types of auto loans. The All-Loans Index declined 1.8% to 103.3 in July, reflecting that auto credit was harder to get in the month compared to June. The index has declined for three consecutive months, … Continued
New-vehicle inventory at the end of July was higher than it was a year ago, when the global computer chip shortage began hurting production, but supply remains low compared with pre-pandemic times, according to Cox Automotive’s analysis of vAuto Available Inventory data. 1.09M Total Inventoryas of July 25, 2022 37 Days’ Supply $46,440 Average Listing … Continued
The average price paid for a new vehicle in the U.S. in July topped June’s record and kept the average transaction price (ATP) solidly above the $48,000 mark, according to new data released today by Kelley Blue Book, a Cox Automotive brand. The Kelley Blue Book new-vehicle ATP increased to $48,182 in July 2022, beating … Continued
BMW remained the most-shopped luxury brand for the second consecutive quarter on increased interest in its sedans, likely due to high gas prices, according to the Q2 2022 Kelley Blue Book Brand Watch report. Overall, shopping for luxury cars increased due to high fuel costs and better availability of cars during the global computer chip … Continued
Honda has been warning investors that the global computer chip shortage and rising raw material costs would hurt profits. Just how much will become clearer when the Japanese automaker posts financial results on Wednesday, August 10, for the April-to-June quarter, the automaker’s first quarter of its fiscal year that started April 1. Honda said in … Continued