Takeaway: Used retail sales started the year strong but were hampered by tight supply throughout 2023. In Q4, the markets experienced a fairly steady level of weekly used sales and ended the year with estimated volume of 35.9 million units, finishing about 4% higher versus 2022. For the full year, used retail sales at 19.0 … Continued

Takeaway: The key driver of new-vehicle sales performance in 2023 was the supply recovery. The year saw consistent improvement in product availability as global supply chains returned to normal. The year ended with nearly 2.7 million vehicles available, up over 900,000 units, or 51% from where we ended 2022. Days’ supply was 71 at the … Continued

Takeaway: According to Xtime metrics by Cox Automotive, service activity at franchised dealerships in the U.S. decreased in 2023 while revenue from repair orders increased. The average Repair Order Volume Index was lower by 2.4% year over year, while the Repair Order Revenue Index average increased by 5.8% compared to the average in 2022. Repair … Continued

Takeaway: A record 1.2 million U.S. vehicle buyers chose to go electric in 2023, according to estimates from Kelley Blue Book. More specifically, 1,189,051 new electric vehicles (EVs) were put into service as the slow shift to an electrified future continued unabated. Last year, the EV share of the total U.S. new-vehicle market was 7.6%, … Continued

2023 ended with the new-vehicle average transaction price (ATP) at $48,974, down 5.4% year over year, according to Kelley Blue Book. The return of supply was a key contributor to 2023’s sales gains, but another key contributor was the return of incentives. As supply grew throughout 2023, so did the discounting, rising to nearly 6% … Continued

Takeaway: The new-vehicle market in 2023 improved versus 2022 and ended on a high note thanks in part to improving inventory levels. December surprised on the upside with over 1.4 million sales, the highest-volume month of the year and, in fact, the best month since the spring of 2021. New-vehicle sales in December 2023 were higher … Continued

Takeaway: New-vehicle affordability closed out the year in much better shape than it started, according to the Cox Automotive/Moody’s Analytics Vehicle Affordability Index. New-vehicle affordability in December was better than a year ago when prices were higher and interest rates were lower. Higher household wages helped offset stubbornly high estimated monthly payments for new-vehicle – … Continued