Keeping Up! - Cox Automotive Report August 29, 2022
Cox Automotive forecasts August U.S. auto sales will show that the substantially slower pace of new-vehicle sales that started a year ago continues as new-vehicle supply remains virtually unchanged. The
sales forecast press release was published in the Cox Automotive Newsroom this morning, and PR Newswire will distribute it at 2 p.m. EDT.
Our team expects the August U.S. auto sales pace to finish flat compared to July, with volume down month over month but up from August 2021, with
the year-over-year gain in volume expected to be lifted by an extra selling day.
Cox Automotive Senior Economist Charlie Chesbrough provides context:
“New-vehicle inventory remains essentially unchanged since tight inventory started severely limiting sales in July 2021. The headwinds to a sales recovery this year are growing as buying conditions worsen. Rising interest rates and historically low consumer sentiment are keeping many potential buyers out of the new-vehicle market. And high prices for both gasoline and vehicles are making affordability an even greater challenge. However, the lack of supply is the biggest obstacle over the near term, and there is little evidence of new-vehicle supply returning to a healthier level.”
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Join us: Chief Economist Jonathan Smoke and the Cox Automotive Industry Insights team will host the Q3 Cox Automotive Industry Insights and Forecast Call on Wednesday, September 28, at 11 a.m. EDT. The team will discuss the market’s performance during Q3 and provide an updated full-year forecast. If you can’t make the live event, be sure to register anyway, and we’ll send you the recording after the event.
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Thanks for your interest in Cox Automotive. As always, if you have questions or would like to speak to one of our analysts or experts, feel free to contact Mark Schirmer or me. Mark will return on Monday from a well-deserved vacation, relaxed and ready to roll.
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