Mid Week Auto News Round Up
Welcome to a special edition of From the Newsroom, a roundup of news from Cox Automotive and perspectives from its analysts and experts on topics dominating the automotive industry.
“Things are not getting worse” was the overarching theme heard during the Cox Automotive Mid-Year Review held yesterday. Chief Economist Jonathan Smoke, Senior Economist Charlie Chesbrough, plus Chris Frey and Jonathan Gregory, senior managers of Economic and Industry Insights, presented how the auto industry performed in the first half, including a special focus on electric vehicles (EVs), and how the team sees the industry progressing through the remainder of the year. If you missed it, download the presentation and check out the replay.
During the event, Chesbrough presented Cox Automotive’s first half and June new-vehicle sales forecasts as well. Plus, the quarterly update to all of our full-year forecasts was reported.
Despite growing interest, a gap exists between consumer enthusiasm for EVs and their actual purchasing decisions, according to new research released yesterday by Cox Automotive. The 2023 Path to EV Adoption: Consumer and Dealer Perspectives study also reveals a lack of EV readiness among U.S. automotive dealers regarding sales and service.
Register to attend the quarterly Manheim Used Vehicle Value Index call, which will be held on Monday, July 10, at 11 a.m. EDT. Smoke, Frey, and Jeremy Robb, senior director of Economic and Industry Insights, will analyze the trove of data from Manheim transactions through the wide lens of additional data available across Cox Automotive to offer thoughtful analyses on the used wholesale and retail markets.
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 for the data our team is tracking.
Happy Independence Day in advance! Our next newsletter will be published on Tuesday, July 11.
|
|
REPLAY AVAILABLE: COX AUTOMOTIVE MID-YEAR REVIEW
The Cox Automotive Mid-Year Review was hosted on Tuesday, June 27, 11 a.m. EDT. During this webinar, our experts and analysts reviewed how the auto industry performed in the first half of the year and how the Cox Automotive team sees the industry progressing. Download the event presentation and check out the quarterly update to our 2023 forecasts.
|
|
|
|
COX AUTOMOTIVE SALES FORECAST: NEW-VEHICLE SALES TO INCREASE MORE THAN 11% YEAR OVER YEAR THROUGH THE FIRST HALF OF 2023
Cox Automotive forecasts U.S. new-vehicle sales volume will reach 7.65 million units in the first half of 2023, an increase of 11.6% year over year. After a stronger-than-expected first half, punctuated by a notable improvement in fleet sales, Cox Automotive has increased its full-year sales forecast to 15.0 million.
“The resilience of vehicle buyers in the face of historic increases in interest rates has been surprising,” said Cox Automotive Senior Economist Charlie Chesbrough. “However, maybe less surprising, but more than we expected, has been the industry’s return to old habits to move the metal.”
Read the press release and check back in the Newsroom for sales commentary after the major automakers report their sales next week.
|
|
|
|
NEW COX AUTOMOTIVE STUDY: EV CONSIDERATION AT RECORD HIGH, BUT DEALERS FEEL UNPREPARED
Despite growing interest, a gap exists between consumer enthusiasm for electric vehicles (EVs) and their actual purchasing decisions, according to new research released by Cox Automotive. The 2023 Path to EV Adoption: Consumer and Dealer Perspectives study also reveals a lack of EV readiness among U.S. automotive dealers regarding sales and service. As EV inventories continue to climb, dealers must bridge this gap.
“Education for both consumers and dealers remains a critical factor in driving widespread confidence and adoption of electric vehicles,” said Kayla Reynolds, manager of Research and Market Intelligence, at Cox Automotive Mobility. “For dealers specifically, preparation is paramount, and our findings emphasize the urgency of equipping dealers with EV sales and servicing capabilities to meet the needs and demands of EV buyers.”
Read the press release and download the study findings and infographic.
|
|
|
|
TEARING DOWN CAR-BUYING OBSTACLES FOR CONSUMERS WILL TAKE COLLABORATION
In a recent article, Jessica Stafford, senior vice president of Consumer Solutions at Cox Automotive, shared her thoughts on the importance of an efficient, easy purchase process as the market shifts back to normal, where inventory is no longer the only driver of sales.
Stafford notes: “If demand slows, it’s paramount for the industry to drive efficiency across the car-buying process. To meet today’s consumer expectations, we must make systems work more seamlessly between online and in-person experiences. It’s also important to remember that no two buyers are the same, so the purchasing process should be flexible enough for everyone.”
Read more from Stafford on how dealers and OEMs can collaborate to create a cohesive online and offline experience.
|
|
Looking ahead: Next week, we will publish sales commentary after the major automakers report their June sales. We will also publish fleet sales estimates.
On July 10 at 11 a.m. EDT, we will be hosting the quarterly Manheim Used Vehicle Value Index call. You can register to attend. Additionally, we will release the June Dealertrack Credit Availability Index report on the same day. On July 11, we will publish the June Kelley Blue Book average transaction prices.
Don’t hesitate to contact us if you have questions or want to connect with the Cox Automotive PR team.
|
|
|
AUTO QUOTE
“Consumers always find a way to buy new wheels despite the circumstances. Americans are not only car-dependent, but have a love for cars. This is exactly what makes the automotive business so wonderful. People often make what economists would consider irrational decisions when it comes to cars. They overspend, they break budgets, they forgo other expenses in order to get the ride they want. They write songs about cars, and they give names to cars. That’s what makes the auto industry the best industry in the world.”
Jonathan Smoke, Cox Automotive chief economist, speaking during the Mid-Year Review webcast.
|
|
|
From the Newsroom is powered by DRiVEQ, the data intelligence engine powering the Cox Automotive family of leading services and solutions. If this newsletter was forwarded to you, join 10,125 industry colleagues and subscribe to receive Cox Automotive’s biweekly summary of news and trends dominating the automotive industry. From the Newsroom will hit your inbox every other Tuesday.
| |
