Certified pre-owned (CPO) sales in June fell to 205,924 units, down 1% from May’s 208,423 unit sales and down nearly 17% from June 2021. So far in 2022, CPO sales peaked in April but have fallen in both May and June. June CPO Sales Leveraging a same-store set of dealerships selected to represent the country … Continued
The average price paid for a new vehicle in the U.S. in June was the highest on record and marked the first time the average transaction price (ATP) surpassed the $48,000 mark, according to new data released by Kelley Blue Book, a Cox Automotive company. The new-vehicle ATP increased to $48,043 in June 2022, according … Continued
A replay of the Q2 2022 Manheim Used Vehicle Value Index Call held on Friday, July 8, is available below. Cox Automotive Chief Economist Jonathan Smoke and Kevin Chartier, vice president of Manheim Consulting, discussed the latest Manheim Used Vehicle Value Index and the major economic and industry trends that shaped the quarter. Special guest … Continued
Access to auto credit was little changed in June, according to the Dealertrack Credit Availability Index for all types of auto loans. The All Loans Index declined 0.1% to 105.2 in June, reflecting that auto credit was slightly harder to get in the month compared to May. The index has declined for two consecutive months, … Continued
The June employment report showed a slowing in job growth, but it exceeded expectations at 372,000 jobs created, which was a historically healthy number of jobs created. The unemployment rate was also unchanged at 3.6%. Labor force participation declined slightly, and growth in average hourly earnings year over year slowed. The underemployment rate fell to … Continued
Wholesale used-vehicle prices (on a mix-, mileage-, and seasonally adjusted basis) decreased 1.3% in June from May. The Manheim Used Vehicle Value Index declined to 219.9, up 9.7% from a year ago. The non-adjusted price change in June decreased 1.8% compared to May, leaving the unadjusted average price up 10.7% year over year. In June, … Continued
Sales into large fleets, not including sales into dealer and manufacturer fleets, increased 6.7% month over month in June to 150,467 units, according to an early estimate from Cox Automotive. June 2022 Fleet Sales Combined sales into large rental, commercial, and government fleets increased 8.4% from June 2021. Sales into government fleets were up 24.2% … Continued
The video below is part of a biweekly Auto Market Report series focusing on data and insights that provide a holistic view of the auto industry. Chief Economist Jonathan Smoke leads our effort to translate data and trends into actionable insights. Download this week’s presentation.
Real GDP declined in the first quarter slightly worse than previously estimated, as downward revisions to spending reduced growth further. Even so, consumer spending did grow over Q4 2021. Consumer spending slowed in May. With inflation factored in, real spending declined. Income growth was stable, and the savings rate increased. Pending home sales surprised to … Continued
A replay of the Cox Automotive 2022 Mid-Year Review webcast held on Tuesday, June 28, is available below. Cox Automotive Chief Economist Jonathan Smoke and our Industry Insights team provided a deep dive into the economy and auto industry – the new, used and wholesale vehicle markets for the first half. The Cox Automotive June U.S. auto sales forecast was … Continued