The average transaction price for new EVs has slightly decreased and used EV prices are nearing parity with those of traditional vehicles.
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Retail used-vehicle sales have also increased for five consecutive weeks, and that should keep dealer demand for wholesale units elevated in the coming weeks.
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Trends indicate that used-vehicle inventory is tighter despite the monthly rise in vehicles listed.
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As the number of new vehicles increases and incentives rise, the auto industry is seeing the highest days’ supply in two years.
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Sales trends may have been affected by business disruptions early in October caused by hurricanes Helene and Milton coming back-to-back.
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The decreases appear in a market where days' supply and listing prices are rising.
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Used vehicle sales increased during August to the highest level since October 2021, but U.S. auto dealers still see the current used-vehicle market as poor.
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Lower than normal depreciation trends are driving the used wholesale vehicle industry so far this month.
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Retail used-vehicle prices have been consistently lower through the first seven months of 2024 compared to year-ago levels.
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A cyber breach at a widely used dealer management system heavily affected the automotive industry, slowing sales and reporting in the second half of June.
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