CDK Global’s monthly purchase scorecard highlights October consumer buying trends
Earnings eclipse $100K for first time as low inventory, higher sticker prices pad wallets.
Ford, GM say they’ll ship unfinished vehicles by year’s end as supply issue eases.
NADA President and CEO Mike Stanton discussed the state of automotive retail today in the most recent NADA Update.
Though improved, inventory issues remain, along with other market pressures.
The average interest rate paid on a new vehicle purchase hit 5.7% in September, up from about 4% in 2021.
J.D. Power and LMC Automotive report predicts average new vehicle transaction prices will hit a record $46,259 in August.
Automakers blame tightened inventories for double-digit sales declines, but warn higher interest rates, gas prices and rising inflation will push buyers out of the market.
General Motors has asked its dealers to help prevent customers from quickly flipping high-demand vehicles and adding high markups.
Auto industry inventory levels sat between 1 million and 1.1 million vehicles for the sixth consecutive month in June, according to Cox Automotive.
