Cox Auto Mid Week Catch-up
A quick note this morning, as we're a bit distracted finalizing material for the 2023 Cox Automotive Industry Insights and Forecast Call, which kicks off tomorrow morning, January 12th, at 11:00 am ET. If you have not RSVP'd already, this is your last call: More details and RSVP here.
One trend front-and-center for the conversation tomorrow will be vehicle prices and affordability. While used-vehicle prices are softening, that's not the case in the new-vehicle market. Prices typically spike in December, and spike they did last month. Our team at Kelley Blue Book posted their monthly new-vehicle transaction price data this morning, and it shows the market went out with a bang in December, establishing a record high.
Luxury share played a major role, and a lot of expensive trucks sold in December. One surprise, electric vehicle prices dropped notably year over year, as Tesla slashed MSRPs and piled on incentives in an end-of-year sales push. All the details have been posted in the Newsroom.
Off and Running
It's been a busy week. On Monday, Chief Economist Jonathan Smoke and his team shared insights on the wholesale used-vehicle market, as the Manheim Used Vehicle Value Index closed out 2022 lower by 14.9% from year-earlier levels. That was a record-setting fall, but it followed record-setting gains in 2021. Market volatility is the buzzword. If you missed the session, worry not: A recording has been posted.
Our team is also prepping for the annual NADA convention later this month – look for more details next week. (If you are not familiar with the NADA convention, think CES for auto dealers.) The event will be a showcase of technology and solutions developed to help the auto industry transact more efficiently, and advancements in artificial intelligence and machine learning will be a hot topic. This is particularly true in the auto remarketing and auction arena, and specifically with our Manheim business, where machine learning and 3D imaging technology are helping reimagine how vehicle information is gathered and shared. Take five minutes to read the latest from Brad Burns, associate vice president of vehicle information for Manheim, and Stephen Miller, chief product officer and co-founder of Fyusion.
From Science Fiction to Game-Changing Reality for Auto Remarketing
And that's a wrap. We hope you'll join our call tomorrow. As always, if you'd like to hear more from Cox Automotive or have any specific questions about what our teams are working on, feel free to reach out to Cox Automotive PR. We are always happy to hear from you.
Director | Corporate Communications