The trend in new daily COVID-19 cases continued falling last week. Consumer sentiment moved slightly higher for the week, and sentiment is now up slightly in October following declines all summer and in September. Inflation trends accelerated in September, and retail sales increased in September and were much stronger than had been expected. Auto loan … Continued
Inventory was the auto industry’s story in the third quarter of 2021. More specifically, a lack of new-vehicle inventory. It was the same story for grocery stores and big-box chains: supply disruptions, parts shortages and COVID-19 outbreaks. In September, new-vehicle inventory was down nearly 60% from 2020. Sales suffered accordingly. While certainly the central … Continued
With market dynamics leading to record prices and at least a two-decade-low for incentives, new-vehicle affordability declined again in September. With income growth stalling, the decline in affordability is accelerating. The number of median weeks of income needed to purchase the average new vehicle in September increased to 40.8 weeks from an upwardly revised 39.2 … Continued
Revised Nov. 17, 2021 – New-vehicle supply fell in September to new lows – fewer than a million vehicles were available for sale – and the average listing price set another record, surpassing $43,000, according to a Cox Automotive analysis of vAuto Available Inventory data. 885,773 Total Inventoryas of Sept. 20, 2021 31 Days’ Supply … Continued
New-vehicle prices hit another all-time high in September 2021, marking the sixth straight record-setting month and surpassing $45,000 for the first time, according to a new report from Kelley Blue Book. At $45,031, the average transaction price (ATP) for a new vehicle was up 12.1% (or $4,872) from one year ago in September 2020 and … Continued
Cox Automotive Mobility’s latest white paper entitled Yes, the Electric Era is Here and It’s Good for People and the Planet explores the sustainability revolution that is underway, with EVs playing a significant role in the transportation present and future given their propensity to dramatically cut global warming emissions, charged by an ever-cleaner electricity grid. … Continued
The video below is part of a biweekly Auto Market Report series focusing on data and insights that provide a holistic view of the auto industry. Chief Economist Jonathan Smoke leads our effort to translate data and trends into actionable insights. Download this week’s presentation.
Certified pre-owned (CPO) sales reached 228,118 units in September. This sales level reflects a 2% month-over-month increase and a 1% year-over-year increase when CPO sales continued their strong performance in September 2020 as an important part of the used-vehicle market recovery. CPO Sales With 2,163,380 units sold through September, year-to-date CPO sales are up 11% compared … Continued
Access to auto credit expanded slightly in September according to the Dealertrack Credit Availability Index for all types of auto loans. The All Loans Index increased 0.4% to 98.9 in September, reflecting that auto credit was slightly easier to get in the month compared to August. Access was looser by 5.5% year over year, but compared to February 2020, access was tighter by 0.3%. All loan types saw modest easing in September. Franchise Used … Continued
Job creation numbers for September were disappointing, though new jobless claims fell as did the unemployment rate – to a pandemic low – while wages grew. New-vehicle sales nosedived on low inventories, delivering the lowest seasonally adjusted annual rate (SAAR) in 16 months. The retail used vehicle market also cooled but still outperformed the new-vehicle … Continued