The certified pre-owned (CPO) market had a record-breaking month in March by setting a historic high. For March, 286,061 CPO units were sold, beating the last record high set in March 2019 of 265,878 units. Sales of CPO vehicles increased 80% year over year in March and ended up 36% month over month compared to … Continued
Access to auto credit increased again in March, and auto loan credit was the most accessible since April 2020, according to the Dealertrack Auto Credit Availability Index for all types of auto loans. The All Loans Index increased 2.5% to 98.1 in March, reflecting that auto credit was easier to get in the month compared to February. Access remains tighter by 0.7% year over year. All loan types saw loosening in March. Certified pre-owned (CPO) loosened the most, while financing provided through independent used dealers loosened the least. On a … Continued
The trend in new daily COVID-19 cases stopped increasing this week after two weeks of growth. Improving conditions are leading to rollbacks of restrictions, and economic activity is picking up. However, the jobless claims data last week were again mixed. New York and California, states that have not yet rolled back restrictions like other states, … Continued
In March, 183,042 total fleet units were sold, compared to 178,252 in February and 229,725 last March, a 2.7% month-over-month improvement. Combined sales into large rental, commercial, and government buyers were down 20.3% year over year in March. This brings the Q1 2021 total fleet sales to 514,666 units, a 28% decrease from Q1 2020 … Continued
A replay of the Q1 2021 Manheim Used Vehicle Value Index Call hosted by Cox Automotive Chief Economist Jonathan Smoke and Zo Rahim, manager of economic and industry insights for Cox Automotive, is available below. Scott Maybee, president, NextGear Capital, joined the call to share an update on the challenges and opportunities facing independent dealers … Continued
Wholesale used vehicle prices (on a mix-, mileage-, and seasonally adjusted basis) increased 5.87% month over month in March. This brought the Manheim Used Vehicle Value Index to 179.2, a 26.2% increase from a year ago and a record high for the Index. Manheim Market Report (MMR) prices strengthened as the month progressed. The Three-Year-Old … 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
The trend in new daily COVID-19 cases continued to increase as new variants spread. Vaccination progress accelerated, and we passed a critical milestone of more than 100 million Americans having received at least one shot of a vaccine. The severe winter storms in February caused pending home sales to fall, just like we saw in … Continued
Auto sales for the first quarter of 2021 are coming in slightly above the Cox Automotive forecast, driven in part by strong March results to close out the quarter. Our final tally will be counted in the coming days. Please find below commentary from our team of experts and analysts. As always, if you have any questions, … Continued
Incentive program volume in Q1 2021 was down 13.9% from Q1 2020, as tight inventories and healthy demand helped keep the market moving. Program volume – a count of the number of vehicle incentive programs offered by the automakers – was at an all-time high in Q1 2020, according to an analysis by Cox Automotive Rates & Incentives. The … Continued