Mid-Week Used and New Auto-News Update

Atlanta May 23, 2023; Here Is a roundup of news from Cox Automotive and perspectives from its analysts and experts on topics dominating the automotive industry.
 
The clock continues ticking on the debt ceiling debate. In the Auto Market Report published this morning, Cox Automotive Chief Economist Jonathan Smoke notes: “If we were to see the U.S. default sometime in early June, that would likely push us into a recession. At the very least, we are going to see a negative impact on consumer confidence that will likely slow consumer spending – at least in the short term.” Read more in Smoke on Cars.
 
Interest in the used-vehicle market is heating up again as retail prices hold steady below year-ago levels, but wholesale prices declined in April and the first half of May. Watch the midmonth Manheim Market Insights video to learn the latest from Jeremy Robb, senior director of Economic and Industry Insights, on the midmonth MUVVI, as well as used retail prices, inventory and sales, including certified pre-owned.

Kelley Blue Book releases quarterly Brand Watch reports that measure consumer perception and shopping behavior for non-luxury, luxury, and electrified brands. The latest reports show Toyota leading non-luxury vehicle shopping, while BMW topped the luxury segment. Once again, hybrids from Toyota dominated the Top 10 most-shopped electrified vehicles.

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We hope you find this selection of articles informative and helpful. Visit the Cox Automotive Newsroom for the latest on the industry’s most important topics. Bookmark the Auto Market Snapshot, a one-stop dashboard on the data our team is tracking.

MOMENTUM FAVORS THE NEW-VEHICLE MARKET IN MAY In the Auto Market Report video published this morning, Chief Economist Jonathan Smoke notes that momentum continues to favor the new-vehicle market over used. Supply is tightening again in May. Supply of new vehicles as of mid-May is down two days from the end of April, while used supply is down one day from the end of April.   A recent analysis by Cox Automotive of Xtime metrics revealed that service activity and revenue at franchised dealerships in the U.S. decreased in April compared to the previous month. 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 inventory and pricing, auto financing, and Cox Automotive leading indicators.     Search, Explore, and Discover!