Electric vehicle sales in the U.S. grew by 11.3% year over year in the second quarter, reaching a record-high volume of 330,4631 units, according to new estimates from Kelley Blue Book. This growth was driven partly by improved availability, higher discounts and elevated levels of leasing. Total EV sales last quarter were higher than Q1 … Continued
ATLANTA, July 10, 2024 – New-vehicle prices remain steady, as average transaction prices in June were mostly unchanged from May and one year ago. In June, according to data released today by Kelley Blue Book, the average transaction price (ATP) for a new vehicle in the U.S. was $48,644. The June ATP was higher by $266 … Continued
Access to auto credit declined again in June as credit tightened across all channels and all lender types, according to the Dealertrack Credit Availability Index. The All-Loans Index was 93.9 in June, down 0.8 from a downwardly revised May reading and down 0.5% year over year. Dealertrack Credit Availability Index1 Auto loan access worsened slightly … Continued
A replay of the Q2 2024 Manheim Used Vehicle Value Index Call held on Tuesday, July 9, is available below. Cox Automotive Chief Economist Jonathan Smoke, Senior Director Jeremy Robb, and Scott Vanner, a senior analyst on the Economic and Industry Insights team, presented the latest Manheim Used Vehicle Value Index and the major economic and industry trends … Continued
Cox Automotive’s Auto Market Report video delivers a comprehensive analysis of the current automotive market. Chief Economist Jonathan Smoke leads our effort to translate data and trends into actionable insights. This video covers a wide range of topics, including consumer spending patterns, consumer sentiment, retail vehicle sales, financing rates, supply dynamics, pricing trends and leading … Continued
Wholesale used-vehicle prices (on a mix, mileage, and seasonally adjusted basis) were down in June compared to May. The Manheim Used Vehicle Value Index (MUVVI) fell to 196.1, a decline of 8.9% from a year ago. The seasonal adjustment to the index mitigated the impact on the month, resulting in values that declined 0.6% month … Continued
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Highlights Employment Overview June saw stronger-than-expected job growth; however, a deceleration was also observed: Unemployment and Earnings The employment situation shows mixed signals: Vehicle Sales and Prices Sales and prices of new light vehicles took a hit: Overall, while job growth was stronger than expected, the increase in unemployment rate and decline in new-vehicle sales … Continued
Highlights Increased GDP and Personal Consumption First quarter GDP growth was revised up in the third and final estimate to 1.4%, but consumer spending revised down to a larger 2.3% decline. Consumer Spending Growth Consumer spending growth accelerated in May but came in weaker than expected even though income growth accelerated. Housing Market Trends New … Continued
A replay of the 2024 Cox Automotive Mid-Year Review webcast held on Tuesday, June 25, is available below. Chief Economist Jonathan Smoke, Senior Economist Charlie Chesbrough, and other members of the Economic and Industry Insights team presented how the auto industry performed in the first half and what’s likely ahead, including updated 2024 Cox Automotive forecasts and the … Continued