
Used Sales Hit Summer Drag
The vacation season, combined with high prices, has dented deliveries and added to inventories, though supply is still slim enough to keep listings elevated.
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The vacation season, combined with high prices, has dented deliveries and added to inventories, though supply is still slim enough to keep listings elevated.
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Dealers report elevated prices, a lack of affordable vehicle models, and higher interest rates are pricing many consumers out of new cars.
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The light new-vehicle sales pace increased in January to 15.7 million, while new vehicle prices declined slightly, and incentives increased.
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Early signs of a potential Spring bump in the market are starting to emerge with the Sporty Car segment reporting an increase for the second consecutive week.
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General Motors Co. posted a $2 billion net profit in the fourth quarter finishing the year strong despite supply chain struggles, record prices and other disruptors.
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The company reported a profit before tax of $326 million for the quarter ending in December.
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Last week, wholesale price declines lessened, coming in at a level on par with last July (apart from the weeks around Thanksgiving and Christmas when volume and conversions were down), before the declines began to accelerate for Q3 and Q4.
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Cox reports that in the auto sector sales of motor vehicles and parts fell in December.
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Tesla has built a commanding lead over most major rivals in profit per vehicle, according to Reuters research.
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Cox’s Auto Market Weekly Summary for January 13 shared both positives and negatives.
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Auto industry analysts remain on high alert for “demand destruction” as high interest rates, escalating vehicle costs, and a down economy threaten auto sales.
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