New Vehicle Sales Plummet to Record Lows in 2022
Sales of new automobiles plunged to under 14 million vehicles in 2022, the lowest since 2011, reports Kelley Blue Book.
Sales of new automobiles plunged to under 14 million vehicles in 2022, the lowest since 2011, reports Kelley Blue Book.
With the holidays approaching, auction lanes are following the trend of past weeks of being slow.
The most recent Consumer Price Index from the U.S. Bureau of Labor Statistics shows a slight but promising decline in used car prices.
U.S. auto dealers cite a poor economy, higher interest rates and low inventory as the reason why, finds the Cox Automotive Dealer Sentiment Index.
November’s SAAR of 14.1 million units rose 7.9% compared to November 2021 but was down 6.5% compared to October 2022.
After the slowdown in depreciation during the week of Thanksgiving, the depreciation picked up the pace once again last week, but the overall market did not experience the level of declines seen before the holiday.
But analysts predict used vehicle prices will remain higher than pre-pandemic prices for years to come.
Last week was a short week with the Thanksgiving holiday, and the auction results reflected this with the level of declines continuing, but at the lowest level we’ve seen since the third week of July.
For the first time in recent history, some vehicles have appreciated in value or depreciated less than expected, finds a recent iSeeCars study.
Report shows interest rates, continued high prices cramping volume.
Used Retail Prices are more accessible than in years past, due to the proliferation of ‘no-haggle pricing’ for used-vehicle retailing.
Entering a vehicle's VIN number connects to an online database of over 500 million records.
Dealership profits have peaked due to rising interest rates, inflation, and low consumer confidence, but they are still 2.4x higher than before the Pandemic.
Lexus (Premium) and Honda (Mass Market) receive brand awards; Kia receives most model awards.
Fully virtual and digital warranty and service-contract provider supports auto and consumer warranty industries.
More than 160 dealers, agents, and industry executives took part in the inaugural West Coast Compliance Summit, one of three concurrent events featured at Industry Summit 2016. And more than 80 of them successfully completed the event’s compliance certification component.
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