Auto Market Weekly Summary Monday December 9, 2024 2 min Read Key Highlights Job growth showed a strong recovery in November. The new-vehicle seasonally adjusted annual rate (SAAR) improved to its best levels in November since May 2021. The used-car market also witnessed increasing sales in November. Economic Labor Trends Steady job growth was witnessed in November as the job market recovered from Hurricane Milton’s disruptions in October, indicating a stable labor market environment. There was a net increase of 56,000 more jobs than initially estimated after hurricane disruptions. The private sector alone added 194,000 jobs, and manufacturing rebounded from a decline in October, adding 22,000 jobs. The unemployment rate slightly increased to 4.2% from 4.1%. New-Vehicle Sales and Prices The new-vehicle SAAR greatly improved in November, reaching the best level since May 2021. This growth was entirely attributed to retail, with a marked decrease in sales into fleet relative to the overall market. The average transaction price (ATP) of a new vehicle rose to an estimated $48,724 in November, a 1.5% increase from October and a 24.3% increase since November 2019, according to Kelley Blue Book data. [Check back in the Newsroom for the full ATP report later this week.] At the same time, incentives from manufacturers increased 4.2% month over month, reaching a high of $3,914 since March 2021 but remaining below November 2019’s level. Used-Vehicle Sales and Prices The used-vehicle market experienced sales growth in November, with an increase in wholesale used prices. The unadjusted price change marked a decrease of 0.1%, which resulted in an unadjusted average price, which was 1.0% lower year over year. Retail sales volumes increased by 5% in November compared to October, while year-over-year sales were up by 15%. The November Manheim Used Vehicle Value Index indicated a seasonally adjusted increase of 1.3% in wholesale vehicle values, which was up 0.2% from a year ago. Auto Market Weekly Summary Related Market Insights Market Insights Cox Automotive Auto Market Report: September 16 5 min Read EV Market Monitor – August 2025 5 min Read Press Releases Cox Automotive Unites Fleet Services and FleetNet America into One Fleet Team 4 min Read