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Index shows expectations getting bleaker as more anticipate worsened inflation, falling income and waning job prospects.
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Federal Reserve keeps interest rates steady but signals borrowing costs will increase by another half of a percentage point by year’s end.
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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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Affordability challenges may dampen spring auto sales, finds Cox Automotive Auto Market Weekly Summary.
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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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Economic pressures expected to make 2023 even more challenging.
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Mitsubishi Corp. has raised its full-year net profit forecast by 21% to a record 1.03 trillion yen ($7 billion).
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In a down economy, industry experts recommend dealerships offer a range of finance and vehicle options to address budgetary concerns.
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An economic downturn could put all automaker’s, even those making luxury autos, earnings to the test.
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Concerns over the economy and political climate failed to discourage franchised and independent retailers surveyed for Cox Automotive’s latest Dealer Sentiment Index.
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