The decrease in U.S. auto sales is due to historically low new-vehicle inventory levels, which are over 50% lower than they were a year ago.
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High prices and relatively tight inventory keep more buyers at bay.
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Near-record low new-vehicle inventory and record-high prices will keep certified pre-owned units as very attractive alternatives.
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As August opened, inventories were running 53% below 2020 levels and 68% below 2019 levels.
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Large rental, commercial, and government purchases of new vehicles increased 6% compared to this time in 2020, but decreased by 40% from the same time in 2019.
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The Bolt EV saw a 335% sales increase in July to its highest volume ever in a second quarter at 10,857 units.
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The digital platform enables consumers to transact 100% online.
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Chip shortages and surging demand are squeezing used vehicle sales while inflating prices.
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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.
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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.
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