Average New Vehicle Prices Hit All-Time High
For the first time in a decade, vehicle buyers were essentially paying sticker price (MSRP) for new vehicles.
For the first time in a decade, vehicle buyers were essentially paying sticker price (MSRP) for new vehicles.
Key reasons: Prices paid moved higher, incentives declined, and estimated median incomes fell.
James Davis, customer strategy and insight director (commercial vehicles) for Cox Automotive Europe, passed on July 11, 2021. He was 47 years old. In this position, Davis assumed an industry thought leadership role that involved building, sustaining, and evolving deep long-term open trust relationships with customers, business partners, suppliers, and industry bodies.
Market watchers had been expecting this slowdown to come earlier in the summer, but deals could still be made. Now there just isn’t enough product available.
New analysis finds businesses and governments can grow used electric vehicles market by 40% in 2030 by transforming fleets.
Cox Automotive Analysis: Fleet sales are still stuck in first gear, estimated to have increased by only 5% year over year but remain down by more than 40% from 2019.
Fleet sales decreased month over month but rose steeply year over year. Sales into rental rocketed 531% year over year.
Guaranteed cash-back money that any buyer qualifies for and is often the fodder of headline advertising has all but dried up.
A Cox Automotive forecast predicts the recent sales frenzy will slow as inventory constraints are pulling the market back down to earth.
Half of consumers indicated they were suddenly more interested in EVs and 36% were more likely to buy one in the future.
Analysis: With the Ford Maverick officially rolling out June 8, the wider question is can the rebirth of the compact pickup truck take the industry by storm?
Inventory was running 37% behind last year and 42% below 2019 as May, one of the highest sales volume months of the year, opened.
Affordability remains worse than a year ago when prices were lower, incentives were higher and CARES Act payments boosted incomes.
Sales of electrified vehicles grew notably in Q1, and analysts at Cox Automotive have said we are entering the EV Decade.
Vehicle Transport simplifies complex logistics management, enables time and cost efficiency, and reduces risk automakers, dealers and fleets.
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