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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
As another data point to monitor the health of the automotive market, Cox Automotive calculates a 13-month rolling used-vehicle seasonally adjusted annual rate (SAAR). According to Cox Automotive estimates, total used vehicle sales volume was down 5% year over year in September. We estimate the September used SAAR to be 38.0 million, down from 39.8 … Continued
The month-over-month improvement resumed in September with 124,930 total fleet volume sales up from 101,159 in August. Combined rental, commercial and government purchases of new vehicles were down 34%, or 64,916 units, year over year in September. Government units were up 40% year over year, on a small base, while rental units were down 62% … Continued
Daily new COVID-19 cases continue an upward trend with the increases occurring mainly in areas that previously did not have large outbreaks. However, the President and First Lady have tested positive for the virus, which raises attention to the pandemic and raises uncertainty about the election, which is less than a month away. Consumer spending … Continued
UPDATED, Oct. 5, 2020 – September total new vehicle deliveries were up 6.1% year over year with two more selling days compared to September 2019. With those volumes, the September SAAR was 16.3 million, a 5% decrease from last year’s 17.1 million but an improvement from August’s 15.2 million. Oct. 1, 2020 – Earlier this … Continued
Oh, how times have changed. It wasn’t long ago when new car dealers would say, “I don’t make any money selling new cars; I just give them away.” The harsh reality of this business has always been the extent to which the automakers set and control the rules of the game. And VOLUME has always … Continued
The number of incentive programs available to consumers in Q3 increased significantly from Q2, according to data from the Cox Automotive Rates & Incentives team. Incentive program volume – literally a count of the number of different incentive programs in the market each month, but not the value of the programs – hit record levels in … 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
During the Q3 2020 Cox Automotive U.S. Auto Sales Forecast Call held on Monday, Sept. 28, Chief Economist Jonathan Smoke was joined by Charlie Chesbrough, senior economist, Zo Rahim, manager of economic and industry insights, and Vanessa Ton, senior manager of market intelligence. Watch the event replay below to see how the auto industry performed in … Continued
Daily new COVID-19 cases stayed on an upward trend primarily due to increases in the Midwest and West. The overall economy appears to have hit a ceiling with the jobs recovering stalling and auto sales struggling. Housing remains the strongest part of the economy. The slowing jobs recovery combined with high and increasing initial jobless … Continued