Three of Cox's companies are partnering up to help navigate the challenges of finding more vehicles in a constricted market.
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Days’ supply in October was 26% above year-ago levels. Used-vehicle inventory has been holding at about this level since mid-January.
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Days’ supply climbed to 49, the highest since May 2021. The question now is: Will demand keep up with supply?
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Higher interest rates are likely hurting used-vehicle demand because consumers can’t afford the higher monthly payments.
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Wholesale prices had been moving downward for most of the year and decreased 4% in August from July, widening the divergence with retail prices.
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Although economic conditions are worsening, the lack of supply is still the greatest headwind facing the auto industry.
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As gas prices surged to record levels, inventory of imports, especially smaller, fuel-efficient models, including hybrids, was among the lowest in the industry at the end of May.
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The average listing price as May closed dipped to $28,312, compared with a revised $28,372 at the end of April.
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The average price paid for a new vehicle in the U.S. last month was the second-highest on record, behind only December 2021, when average transaction prices reached $47,202.
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Inventory has improved since last summer’s supply drought, but availability remains well below pre-COVID levels.
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