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Cox Automotive says it's soared 350% while consumers put off EV purchases over pricing and charging concerns.
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Cox Automotive forecasts an improved used-vehicle market in latter half of the year.
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Cox forecast based on first six months’ sales bump on the momentum of improved inventory, return of incentives.
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Cox finds that more consumers are open to EVs, but dealerships don’t feel prepared or optimistic about an EV future.
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Analysis of Xtime data showed increases in Repair Order Volume Index and the Repair Order Revenue Index.
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Modest increase still less than normally seen during spring selling season.
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May supplies reached 1.96 million, well above a year earlier, though still under historical norms.
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Economic headwinds are not deterring sales, Cox Automotive analysts find.
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May index lowest since February 2021 as subprime, negative-equity shares fall.
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Despite a stronger Q2 market, negative sentiment lingers over weak economic conditions and high interest rates, Cox Automotive says.
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