New daily COVID-19 cases continued to decline last week, but the pace of decline slowed. Economic activity continues to recover as more states ease or eliminate restrictions. New jobless claims declined to their lowest level for the pandemic last week. Inflation increased again in May as bottleneck-sensitive categories like car rentals, used cars, airline fares, … Continued
The certified pre-owned (CPO) market performed well with 268,452 CPO units sold in May, a 4% month-over-month increase and a 13% year-over-year increase. CPO sales in May 2021 outperformed the same month in 2019 by 16,589 units. With 1,224,522 CPO units sold through May, CPO sales are up 25% versus the same time in 2020 … Continued
The auto industry entered June with historically low inventories of unsold new vehicles due to continued strong sales and further production disruptions caused mostly by the global computer chip shortage, according to a Cox Automotive analysis of the vAuto Available Inventory data. 1.78 Total Inventory 35 Days’ Supply $40,566 Average Listing Price The total U.S. … Continued
Access to auto credit declined in May after loosening for three straight months for all types of auto loans, according to the Dealertrack Auto Credit Availability Index. The All Loans Index declined 0.7% to 97.7 in May, reflecting that auto credit was harder to get in the month compared to April. Access was looser by 0.7% year over year, but compared to February 2020, access was tighter by 1.5%. Most loan types tightened … Continued
June is National Safety Month and, more than ever, the past year has pushed us to think more deeply about how safety must continue to be a core part of our strategic goals. The global pandemic was for Cox Automotive, as it was for everyone, a crash course in workplace safety, requiring us to create and adhere … Continued
In May, 168,166 total fleet units were sold, a 14% month-over-month increase compared to 148,118 in April but a 222% increase from May 2020 which recorded 52,203 units. This brings the 2021 year-to-date total combined large rental, commercial, and government purchases of new vehicles to 830,950 units, a .9% decrease from this time in 2020 … Continued
After a year’s worth of videos tracking the COVID-19 pandemic’s impact on the auto market, we are launching a biweekly Auto Market Report video series focusing on data and insights that provide a holistic view of the auto industry. Chief Economist Jonathan Smoke will continue to lead our effort to translate data and trends into … Continued
May saw 559,000 new jobs created but 675,000 had been expected. The headline unemployment rate and the underemployment rate both fell to new lows for the pandemic. New jobless claims also fell again last week to their lowest level for the pandemic. Average hourly earnings are growing at a solid pace even though the majority … Continued
Wholesale used vehicle prices (on a mix-, mileage-, and seasonally adjusted basis) increased 4.65% month over month in May. This brought the Manheim Used Vehicle Value Index to 203.0, a 48.2% increase from a year ago and a record high for the Index. Manheim Market Report (MMR) prices saw weekly increases in May that slowed as the … Continued
Update – As speculated in the April 14 article on the rebirth of the compact truck segment, Ford confirmed today that it is adding an all-new compact pickup called Maverick to its Built Ford Tough lineup. The company will debut the 2022 Ford Maverick on its new U.S. TikTok channel on Tuesday, June 8. Prior … Continued