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August will be a fourth consecutive month of slowing sales and looks to be coming in even lower than our forecast of 1.2 million, a 9% decline from August 2020.
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The frenzied sales fever that pushed new car sales to record heights is cooling, with demand for pre-owned vehicles returning to more normal levels.
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A majority of dealership leaders – approximately 65% – report they plan to increase the total number of employees in the dealership this year.
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Automakers reported impressive monthly results, showing increases that ranged from 40% to 70% compared to unit sales during the pandemic.
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Wholesale used vehicle prices have increased 37% over the past 20 weeks and used retail prices rose 15% since the end of 2020.
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vAuto reports vehicle inventories dropped to 2.24 million vehicles in April, representing a 44-day supply.
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The Cox Automotive Industry Insights team is forecasting a sales pace of 16.5 million in April, down from the surprise 17.7 million in March, but a healthy number nonetheless.
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Look for further data updates as the Cox Automotive Industry Insights team dives into the results and shares insights on average transaction prices, fleet performance, CPO sales, inventory levels and more.
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In today’s dealership environment, strong data is the play. But keep in mind, it’s not just technology, it’s about the dealership experience.
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Auto sales activity likely slowed in the final days of January, notes Cox Automotive's Chief Economist Jonathan Smoke, as consumer sentiment waned and heavy winter weather ran through major markets in the Midwest and Northeast.
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