The downward trend in new daily COVID-19 cases continues. Improving conditions are leading to rollbacks of restrictions, and economic activity and employment should improve as a result. For now, traditional jobless claims are seeing gradual declines, but pandemic assistance claims are growing, and 20.4 million people remain on some form of benefits. Joblessness remains high: … Continued
The estimated average transaction price for a light vehicle in the United States was $40,857 in January 2021, according to the valuation analysts at Kelley Blue Book. New-vehicle prices increased $2,110 (up 5.45%) from January 2020, while falling $295 (down 0.72%) from last month. “January 2021 prices are coming off a historical quarter, with average transaction prices reaching more than $40,000 for the first … Continued
Sales of certified pre-owned (CPO) vehicles declined 7% year over year in January, down from last year’s level which was the highest January CPO sales in a decade. For January, 201,023 CPO units were sold, down 13% month over month compared to the seasonally strong CPO sales in December. The CPO market has been one … Continued
New-vehicle inventory edged higher throughout January but remains far lower than a year ago, while the average list price retreated from its early January peak, according to a Cox Automotive analysis of vAuto Available Inventory data. 2.79M Total Inventory 66 Days’ Supply $40,474 Average List Price The total U.S. supply of available unsold new vehicles … Continued
Access to auto credit declined slightly in January, reversing some of the December improvements according to the Dealertrack Auto Credit Availability Index for all types of auto loans. The All Loans Index declined 0.2% to 94.8 in January, reflecting that auto credit was slightly harder to get in the month. Access remains tighter by 4.3% year over year or by 4.4% compared to February before the pandemic began. Not all loan types saw tightening in January. New vehicle financing loosened as did financing through … Continued
Tesla has been the rising star among luxury brands for the past couple of years, but the bright light of Tesla continues to fade as consumer perception and shopping consideration fell again, according to the Q4 2020 Kelley Blue Book Brand Watch™ report. The Kelley Blue Book Brand Watch report is a consumer perception survey that also weaves in consumer … Continued
Our Chief Economist Jonathan Smoke joins us once again from his home studio in Atlanta, GA, with the latest on the impacts of COVID-19 on the automotive industry. The latest on COVID-19’s nationwide impact Continuing jobless claims and impacts by state Consumer sentiment in the U.S. and in the largest DMAs Cox Automotive consumer survey … Continued
Toyota Motor reported financial results for Q3 FY 2020, the October-to-December 2020 quarter, on Wednesday, February 10, the third quarter of its fiscal year that ends March 31, 2021. Toyota executives in the U.S. promised the automaker would end calendar year 2020 with one of its best quarters in history, and they delivered. They predict … Continued
In January, 153,372 total fleet units were sold, compared to 165,713 in December. Combined sales into large rental, commercial, and government buyers were down 26% year over year in January. Government units were down 21% year over year, on a small base, while rental units were down 33% year over year in January, an improvement … Continued
General Motors reports fourth-quarter and full-year 2020 financial results on Wednesday, February 10. Despite the pandemic, GM’s profit in comparison to last year should be favorable. Third- and fourth-quarter earnings in 2019 were clobbered by a 40-day strike by the UAW. In addition, GM gained traction with its redesigned full-size SUVs and increased sales of … Continued