For years, consumers have done hours of research online before buying a vehicle. But today they are increasingly comfortable completing a purchase on the web, with 76% of car buyers open to buying completely online.1 In 2021, U.S. eCommerce sales totaled $933 billion and are projected to grow 23.6% by 2025.2 This is helping to … Continued
COVID-19 cases are now down 96% from the peak in mid-January, but the war in Ukraine and accelerating inflation have weighed on consumer sentiment in March. Still, the consumer kept spending at retailers in February, but inflation is what drove spending higher for the month. The job market continues to be one of the strongest … Continued
Register now to join Cox Automotive Chief Economist Jonathan Smoke, Senior Economist Charlie Chesbrough, and the Industry Insights team for the Q1 2022 Industry Insights and Sales Forecast Webcast. Monday, March 28 1 p.m. EDT. During this 90-minute session, the team will present data and insights to help quantify how the industry performed, review our first-quarter … Continued
Revised April 14, 2022 – Tax refunds finally are arriving, ushering in the traditional spring bounce for used-vehicle sales, according to the Cox Automotive analysis of vAuto Available Inventory data. Sales of used vehicles, while still pricey, started to heat up the last week of February. 2.62M Total UnsoldUsed Vehiclesas of March 1 54 Days’ … Continued
Wholesale used-vehicle prices (on a mix-, mileage-, and seasonally adjusted basis) declined 3.8% in the first 15 days of March compared to the full month of February. This brought the Manheim Used Vehicle Value Index to 222.4, which was up 24.1% from March 2021. The non-adjusted price change in the first half of March was … Continued
The Fed followed through with its widely telegraphed plan to start raising the target rate for the Federal Funds Rate. The target was increased by a quarter of a point, as expected, but the Fed indicated that six more quarter-point rate increases will likely follow before year-end, and that was more than expected. Rate projections … Continued
Revised, April 13, 2022 – New-vehicle inventory edged higher in the last two weeks of February, though days’ supply fell from January, according to a Cox Automotive analysis of vAuto Available Inventory data. Prices slipped again, staying below $45,000. 1.07M Total Inventoryas of Feb. 28, 2022 35 Days’ Supply $44,661 Average Listing Price The total … 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.
New-vehicle affordability declined slightly in February but remains a bit better than December. The inputs to the index moved in differing directions in the month. The number of median weeks of income needed to purchase the average new vehicle in February increased to 42.9 weeks from 42.8 weeks in January but remained below the record … Continued
COVID-19 cases continue to fall and are back to July levels. Even with cases down, consumer sentiment, according to the University of Michigan, declined again in the initial March reading as consumers are impacted by rising gas prices and unsettled by the conflict in Ukraine. Inflation picked up again in February to record the highest … Continued