New Car Sales Report
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With Thanksgiving coming and the promise of a feast on the horizon, we’ve prepared a buffet of fresh data to whet your appetite.
- Cox Automotive’s new-vehicle sales forecast, released today, shows that the sales pace is expected to remain steady at 16.0 million in November, with the potential for healthy electric vehicle (EV) sales if consumers act on anticipated changes to federal tax credits.
- October saw an increase in both new and used EV sales, as reported yesterday in the EV Market Monitor, while new EV prices decreased and used EV prices increased.
- At the beginning of November, data indicated that the supply of both new and used vehicles increased, with new-
vehicle stocks exceeding 3 million units for the first time since the pandemic.
- In his Manheim Market Insights video published on Friday, Jeremy Robb, senior director of Economic and Industry Insights at Cox Automotive, indicated that November is shaping up to be a notable month in the wholesale market.
“As we close out November, we see more positives than negatives as momentum is building in the auto market from improving consumer sentiment and declining interest rates,” noted Cox Automotive Chief Economist Jonathan Smoke in the Auto Market Report video published this morning.
Join Us: Register now for the Cox Automotive Industry Insights and Forecast 2025 call, scheduled for Tuesday, Dec. 17, at 11 a.m. EST. Traditionally, we have hosted our Industry Insights webcast in January to kick off the new year. This year, we are moving it up to deliver the 2025 forecast well before the year begins.
In this season of gratitude, we at Cox Automotive are grateful that you trust us for the latest data and insights. Visit the Cox Automotive Newsroom for updates on the industry’s most important topics. Bookmark the Auto Market Snapshot, a one-stop dashboard for the data our team is tracking. Cox Automotive Forecast: November New-Vehicle Sales Pace Holds Steady as Market Appears Poised to End 2024 on a Strong Note
New-vehicle sales for November are expected to maintain a steady seasonally adjusted annual rate (SAAR) of 16.0 million, consistent with the sales pace observed in October, according to the Cox Automotive forecast released today. This represents an increase from last November’s SAAR of 15.5 million.
According to Charlie Chesbrough, senior economist at Cox Automotive: “With the U.S. election now in the rearview mirror, we may see vehicle sales finish the year in a strong position. With less uncertainty in the market, consumer confidence is moving higher, which will likely increase consumer willingness to buy a new vehicle. Additionally, vehicle affordability is improving, thanks to higher incentives and falling auto loan rates, which increase consumers’ ability to buy.”
Read the release. Cox Automotive EV Market Monitor Shows Growth in October
The U.S. electric vehicle (EV) market is on track for another record-breaking year, with October showing growth in both new and used EV sales, according to the EV Market Monitor. During this period, the gap in days’ supply between new EVs and new traditional models remained wider than the gap between those vehicles in the used market. Meanwhile, the average transaction price for new EVs has slightly increased, and used EV prices are nearing parity with those of traditional vehicles.
See the EV Market Monitor, featuring expertise from Stephanie Valdez Streaty, director of Industry Insights, and data analysis by Tiffani Williams, senior business intelligence analyst.
Join Us: Register now for the Cox Automotive Industry Insights and Forecast 2025 call, scheduled for Tuesday, Dec. 17, at 11 a.m. EST. Traditionally, we have hosted our Industry Insights webcast in January to kick off the new year. This year, we are moving it up to deliver the 2025 forecast well before the year begins.
In this season of gratitude, we at Cox Automotive are grateful that you trust us for the latest data and insights. Visit the Cox Automotive Newsroom for updates on the industry’s most important topics. Bookmark the Auto Market Snapshot, a one-stop dashboard for the data our team is tracking. Cox Automotive Forecast: November New-Vehicle Sales Pace Holds Steady as Market Appears Poised to End 2024 on a Strong Note
New-vehicle sales for November are expected to maintain a steady seasonally adjusted annual rate (SAAR) of 16.0 million, consistent with the sales pace observed in October, according to the Cox Automotive forecast released today. This represents an increase from last November’s SAAR of 15.5 million.
According to Charlie Chesbrough, senior economist at Cox Automotive: “With the U.S. election now in the rearview mirror, we may see vehicle sales finish the year in a strong position. With less uncertainty in the market, consumer confidence is moving higher, which will likely increase consumer willingness to buy a new vehicle. Additionally, vehicle affordability is improving, thanks to higher incentives and falling auto loan rates, which increase consumers’ ability to buy.”
Read the release. Cox Automotive EV Market Monitor Shows Growth in October
The U.S. electric vehicle (EV) market is on track for another record-breaking year, with October showing growth in both new and used EV sales, according to the EV Market Monitor. During this period, the gap in days’ supply between new EVs and new traditional models remained wider than the gap between those vehicles in the used market. Meanwhile, the average transaction price for new EVs has slightly increased, and used EV prices are nearing parity with those of traditional vehicles.
See the EV Market Monitor, featuring expertise from Stephanie Valdez Streaty, director of Industry Insights, and data analysis by Tiffani Williams, senior business intelligence analyst.