This week the auto industry closed the books on Q1 2020, with sales falling quickly, ravaged by buyers more focused on social distancing than Super Duties. What vehicles were sold in March were mostly SUVs and pickups – the new normal in our new-vehicle landscape and the results of 10-year shift that turned our auto … Continued
A few automakers have reported U.S. sales for Q1 and more numbers are expected tomorrow and into the early part of next week. As expected, the numbers are historically low. As Cox Automotive data shows, sales activity in markets hard hit by COVID-19 all but came to a standstill in the past two weeks. March … Continued
Watch this video with Chief Economist Jonathan Smoke from his home studio in Atlanta, GA, as he explains the impact of COVID-19 on the automotive industry. Jonathan examines: Hardest hit COVID-19 areas in the U.S. State-level jobless claims Consumer sentiment and buying behaviors Current view of new and used retail sales and prices An outlook … Continued
The auto industry is anxiously awaiting reports of March vehicle sales, which automakers will start reporting on Wednesday, April 1. Undoubtedly, vehicle sales, which started the month strong, have plummeted as COVID-19 spread across the country, prompting an increasing number of states to issue shelter-at-home orders that shut down dealership showrooms. As a preview, Cox … Continued
March madness typically springs buyers back into the market as many consumers benefit from the extra cash of a tax return. This March, however, saw most shoppers sent home amid COVID-19 concerns to guard against infection, severely impacting our economy and teaching us new terms like “social distancing.” The entire distribution chain for new and … Continued
Watch this video with Chief Economist Jonathan Smoke from his home studio in Atlanta, GA, as he explains the impact of COVID-19 on the automotive industry. Jonathan examines: Economic forecast and impact in the second quarter Consumer sentiment and buying behaviors Stock market, interest rates, and employment Current view of new and used retail sales … Continued
Much has changed since the first week of March. COVID-19 cases keep getting worse and will lead to a substantial economic contraction in the second quarter. The rest of the year could see some recovery, but it is too early now to call. There is some hope on the horizon with drug trials for treatments … Continued
Auto loans and leases total over 84 million accounts and represent $1.28 trillion of outstanding debt at the end of February. The number of accounts outstanding is down slightly from a record in January, but the value outstanding is a new record. Auto loans that are severely delinquent (defined as 60 days or more behind … Continued
Sales of certified pre-owned (CPO) vehicles increased 13% year over year in February and were up 10% month over month compared to January. For the month, 238,229 CPO units were sold. This year CPO sales are up 10% versus 2019, the all-time record for the CPO market, with 454,188 sold through February. This means that the … Continued
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 reports that with order banks for the 2021 Mustang Mach-E electric vehicle open, Ford says it sees a big boost in attracting buyers who haven’t owned a Ford or Lincoln vehicle … Continued