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Automotive Industry:United States: Difference between revisions
Automotive Industry:United States (view source)
Revision as of 16:22, 10 October 2023
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== Prices == | == Prices == | ||
[[File:Screenshot 2023- | [[File:Screenshot 2023-10-10 100512.png|alt=|center|thumb|835x835px|https://www.coxautoinc.com/market-insights/august-2023-muvvi/]] | ||
=== December 2022 === | === December 2022 === | ||
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* '''The average price was up 0.1% from a year ago''', while the average MSRP increased 0.6% in August from July and was up 2.3% from a year ago. | * '''The average price was up 0.1% from a year ago''', while the average MSRP increased 0.6% in August from July and was up 2.3% from a year ago. | ||
* Manufacturers’ '''average incentive spending increased 10.3% to $2,365''', up 113% from a year ago. Incentives as a percentage of average transaction price increased to 4.9%, the highest level since September 2021. | * Manufacturers’ '''average incentive spending increased 10.3% to $2,365''', up 113% from a year ago. Incentives as a percentage of average transaction price increased to 4.9%, the highest level since September 2021. | ||
=== September 2023 === | |||
==== Used ==== | |||
* Wholesale used-vehicle prices increased 1.0% in September from August. The Manheim Used Vehicle Value Index rose to 214.3 in September, down 3.9% from a year ago. | |||
* Over the month of September, daily MMR Retention, which is the average difference in price relative to the current MMR, averaged 99.2%, meaning market prices were slightly below MMR values. | |||
* The average daily sales conversion rate declined to 55.7%, which was close to normal for the time of year. For comparison, the daily sales conversion rate averaged 55.3% in September 2019. The sales conversion rate in September was lower than in August but stronger than in June and July.<ref name=":4">https://www.coxautoinc.com/news/september-2023-muvvi/</ref><ref>https://www.coxautoinc.com/market-insights/september-2023-muvvi/</ref> | |||
==== New ==== | |||
== Inventory == | == Inventory == | ||
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* Cox Automotive raised its '''new car sales full-year forecast to 15 million''', from 14.2 million in March, as deliveries to businesses and rental-car companies, which evaporated during pandemic scarcity, rebounded. | * Cox Automotive raised its '''new car sales full-year forecast to 15 million''', from 14.2 million in March, as deliveries to businesses and rental-car companies, which evaporated during pandemic scarcity, rebounded. | ||
* Used car index down -1.1% Y/Y on December 2023. | * Used car index down -1.1% Y/Y on December 2023. | ||
=== September 2023 === | |||
* The Manheim Used Vehicle Value Index forecast is expected to finish the year down 2.2% year over year. Risks remain in the fourth quarter, including the United Auto Workers strike, a possible economic slowdown, and political uncertainty that puts downward pressure on consumer sentiment.<ref name=":4" /> | |||
== Individual Manufacturer Performance == | == Individual Manufacturer Performance == | ||