Automotive Newsroom Report January 18, 2023

COX AUTOMOTIVE LEADS THE WAY TO NADA 2023 WITH NEW SOLUTIONS FOR RETAIL, INVENTORY AND EV READINESS

When the National Automotive Dealers Association’s annual gathering gets underway next week in Dallas, Cox Automotive will be showcasing a collection of new services and solutions to help the industry cope with a slowing market and consumers increasingly expecting a more digital, connected vehicle-buying experience. Cox Automotive, the world’s largest automotive services and solutions provider, will be the largest exhibitor at the annual event with a collection of technology and solutions focused on improving retail transactions, solving inventory issues and preparing for EV growth.
 
The Cox Automotive display will cover more than 27,000 square feet of expo space and include the Power Up live stage, more than 200 demonstration stations, and 30 private meeting rooms. Lined up end-to-end, the LED display screens throughout the space would stretch across half a football field. The stand at NADA 2023 is Cox Automotive’s largest ever.
 
Check out the full rundown of all that Cox Automotive is bringing to NADA 2023. If you are planning on attending, reach out. We hope to see you there!

COX AUTOMOTIVE'S CAR BUYER JOURNEY STUDY SHOWS GROWING FRUSTRATION WITH CAR BUYING PROCESS

New research released today by Cox Automotive shows that satisfaction with the car buying process declined in 2022 for the second straight year. The 2022 Car Buyer Journey Study reveals vehicle buyers were frustrated with high prices, limited availability, and the amount of time required to complete the process. Used-vehicle buyers, who are often more price sensitive and face higher interest rates, were particularly unsatisfied with the experience in 2022, the research indicates.  
 
“With the annual NADA convention opening in Dallas later this month and bringing together auto dealers from across the country, we think it is more important than ever to showcase the current state of vehicle buying in America,” said Isabelle Helms, vice president of Research and Market Intelligence at Cox Automotive. “While buying a vehicle is a complicated transaction, with financing required, trade-in valuations to consider and plenty of research required, it does not have to be frustrating for the consumer.”

Since 2009, Cox Automotive’s annual Car Buyer Journey Study has offered a comprehensive look at the overall vehicle buying process in the United States, with an eye toward consumer satisfaction. The study provides a holistic view – the journey through researching, shopping and the many purchase steps required to complete the deal – for both new- and used-vehicle buyers, and also includes research among dealership staff and management.
 
Check out the key takeaways from the study and download the Research Summary.

VEHICLE AFFORDABILITY DECLINED TO NEW LOW IN 2022; AUTO LOAN INTEREST RATES CONTINUE TO CLIMB IN JANUARY

New-vehicle affordability declined again in December and reached a new low in 2022, according to the Cox Automotive/Moody’s Analytics Vehicle Affordability Index released yesterday. Auto loan rates reached a new 20-year high and the average new-vehicle price increased to a record-high $49,507. The estimated typical monthly payment for a new vehicle increased to $777, another record.

Auto loan interest rates continue to climb in the first part of January. The volume weighted average new auto loan rate on Dealertrack, so far in January, has increased another 28 basis points to 8.3% and is up 300 basis points year over year. Meanwhile, the volume weighted average used auto loan rate is up 43 basis points to 12.8%, a year- over-year increase of 339 basis points, based on Dealertrack data.
 
Read the Auto Market Weekly Summary and watch the Auto Market Report video for more data and insights from Smoke on new and used retail sales and inventory, auto financing and Cox Automotive leading indicators.

REPLAYS AVAILABLE: KICK OFF 2023 WITH FRESH DATA AND INSIGHTS FROM COX AUTOMOTIVE