Cox Automotive Releases Dealer Sentiment Index
U.S. auto dealers see market weakness driven by inflation, economic anxiety, and tight inventory.
U.S. auto dealers see market weakness driven by inflation, economic anxiety, and tight inventory.
The market saw continued declines last week, with the overall rate of depreciation being consistent with what we have experienced over the last five weeks.
Financing option makes unexpected repairs more affordable.
The Estimated Average Weekly Sales Rate dropped to 60% last week.
As used originations increase, credit unions reach nearly 26% total vehicle financing market share, the highest volume in five years.
Lower consumer demand has impacted buyer behavior at auctions around the country, but this past week, sellers began to hold firm on floors and the sales rate reflected this change in behavior.
Dealers need to be vigilant in developing a strategic plan to seize new opportunities so that they continue to thrive.
Ford Motor Co. will eliminate 3,000 jobs globally, according to a letter sent to employees Monday.
Recent data points to more auto borrowers struggling to keep up with loans, but default rates remain below pre-pandemic levels.
The Estimated Average Weekly Sales Rate remains at 65%.
Year to date, the total used market is currently on pace to finish the year down more than 12% from the 40.6 million recorded in 2021.
The Company anticipates that the expected closing of the sale will occur in October of this year.
According to Kelley Blue Book, new-vehicle buyers remain in an “over sticker” market, paying above MSRP every month this year.
On a volume-weighted basis, the overall Car segment decreased -0.92%. For reference, the previous week, cars decreased by -0.91%.
With these advertising strategies in mind, dealers focusing on promoting EVs will certainly gain a leg up on the competition and electrify more interest in their local markets!
