CBT News, Oct. 14, 2021 – We continue to hear news of record pricing across the industry, so on today’s show, we’re learning where things stand today. Host of Inside Automotive Jim Fitzpatrick is pleased to welcome Cox Automotive Chief Economist Jonathan Smoke to discuss third quarter auto sales and he’ll also give us a market outlook as we wrap up 2021.
Smoke says we haven’t reached the bottom of the inventory issues in the new vehicle market, yet. They’ve continued to see a slowing in new vehicle sales. Due to inventory challenges and the hurricane replacement demand, it’s created even more demand for used vehicles. There has been an upward trend in used vehicle prices. The key concern for dealers is that the average auction price for a vehicle is now higher than the average retail price. Smoke says demand stays strong.