Auto Market Weekly Summary

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.

Jonathan Smoke

Chief Economist

Jonathan Smoke leads Cox Automotive’s economic and industry insights team, which tracks key metrics and trends impacting both the wholesale and retail markets for vehicles informed by the proprietary data from the company’s businesses and platforms. For 28 years, Smoke has focused on translating data and trends into relevant actionable insights for the industries that represent the biggest purchases that consumers make in their lifetimes: real estate and automotive. Smoke joined Cox Automotive in 2017.