ATLANTA (Aug. 9, 2023) – Cox Automotive today announced the acquisition of leading onsite fleet maintenance provider Corcoran’s Mobile Services (CMS). The acquisition further expands Cox Automotive’s nationwide fleet maintenance coverage, underscoring its continued commitment to safely servicing trucks and trailers. “We thrive on delivering a seamless experience 24/7, powered by our more than 1,400 elite technicians … Continued
Update, Aug. 2, 2023 – New-vehicle sales in July likely came in near 1.30 million, an increase of more than 15% over year-ago levels and very close to the Cox Automotive forecast (below) published last week. (Hat tip to our senior economist.) Vastly increased inventory levels and a general improvement in consumer sentiment are helping … Continued
ATLANTA – July 14, 2023 – After a successful launch and aggressive expansion in the eastern U.S., Cox Automotive has now enabled sellers in California to join in the Upside™ wholesale experience. This significant expansion brings on sellers throughout California, making it easier for buyers in the western half of the country to find attractive … Continued
ATLANTA, July 10, 2023 – The Manheim Used Vehicle Value Index (MUVVI) declined to 215.1 in June, ending the first half of 2023 down 10.3% from a year ago. Additionally, wholesale used-vehicle prices (on a mix, mileage, and seasonally adjusted basis) decreased by 4.2% in June. This decrease, a record for June, was impacted by … Continued
Automotive News, June 30, 2023 – Electric vehicles have reached critical mass, outpacing average days’ supply of gasoline vehicles at dealerships, according to Cox Automotive, but some dealers still need convincing. EVs are no longer exclusive to the new-vehicle market, said Chief Economist Jonathan Smoke. EV emergence in the used and wholesale market gives them … Continued
Bloomberg, June 30, 2023 – The US new-car market is returning to pre-pandemic norms as supply-chain issues resolve, forcing carmakers to ramp up deals to sustain sales growth. The annual pace of new-car sales likely rose to 15.6 million in June, from 13 million a year ago, according to the average forecast of seven market … Continued
Updated, July 6, 2023 – In the first half of 2023, the U.S. new-vehicle market has been surprisingly strong, with sales volume increasing more quickly than forecast as the industry’s inventory issues faded. Sales in June, as we’ve seen in many months prior this year, surprised to the upside, with volume beating the Cox Automotive … Continued
ATLANTA, June 27, 2023 – Despite growing interest, a gap exists between consumer enthusiasm for electric vehicles (EVs) and their actual purchasing decisions, according to new research released today by Cox Automotive. The 2023 Path to EV Adoption: Consumer and Dealer Perspectives study also reveals a lack of EV readiness among U.S. automotive dealers regarding … Continued
ATLANTA, June 7, 2023 – Overall dealer sentiment in the U.S. improved slightly in Q2 2023, according to the quarterly Cox Automotive Dealer Sentiment Index released today. The current market index is now at 45, up from 43 in Q1 but still below the threshold of 50, indicating that more dealers see the current auto … Continued
Updated, June 2, 2023 – Initial estimates of new-vehicle sales in May indeed suggest that year-over-year volume growth was even stronger than our forecast of 20.3%. New-vehicle inventory was at a two-year high heading into the month, and some automakers were beginning to turn up the volume on incentives. As expected, pent-up demand and improved … Continued