Friday Auto News Update
Cox Automotive reported that oThe 2023 New York Auto Show opens to the public at 10 am this morning. "Be Amazed" is the call to action on the show's promotional poster. We might suggest an alternative: EVs Everywhere. It was a plugged-in show, with an EV winning the World Car of the Year award and new EV pickups, sedans and SUVs big and small at every turn.
What we know about new EVs: They eventually become used EVs, and that is a corner of the market that is now growing quickly. Today the Cox Automotive team is hosting the quarterly Manheim Used Vehicle Value Index (MUVVI) call and will specifically call out the growing volume of used EVs showing up in Cox Automotive's expansive data sets. The headline: Sales of used EVs jumped 32% in Q1 to a record of 42,753.
The press release and a supporting data deck that showcases used EV growth at retail, at wholesale at Manheim (up 42%), and with Kelley Blue Book Instant Cash Offers (up 144%) have been posted in the Cox Automotive Newsroom. The MUVVI materials are also there.
The official Kelley Blue Book count of new EV sales in Q1 will be out next week. Early indications are that the EV share of total sales in Q1 was near 7%, up from 5% in 2022. Indeed, EVs everywhere.