U.S. New-Vehicle Inventory Expected To Rise Again in 2024, Forecast Says
New-vehicle inventory levels in the U.S. are expected to continue to reach post-pandemic highs this year, data analytics firm Cloud Theory said in its 2024 outlook report. U.S. new-vehicle inventories have been on the rise and reached a three-year high of 2.7 million last month, according to Cox Automotive.
MediaPost: National Automotive TV Spending Drops 19% In May
Automakers spent an estimated 19.2% less on national television spending in May compared to a year ago according to iSpot.tv. May 2023 spending registered at $156.2 million, compared to $193.3 million in May 2022.
KBB: New-Auto Sales Incentives Increased in May
The average transaction price (ATP) of a new vehicle in the U.S. increased May 2023 to $48,528, a month-over-month increase of 0.5% ($251) from an upwardly revised April reading of $48,277, according to Kelley Blue Book.
Cox: May New Auto Sales Ease, Still Strong
New vehicle inventory levels rose last month and sales are expected to follow suit — at double-digit levels, according to Cox Automotive.
Ford, Tesla Announce Historic Agreement
The top executives from Ford Motor Co. and Tesla announced a historic agreement that will allow Ford customers to use 12,000 Tesla Superchargers across the U.S. and Canada.
Toyota’s Ads Drive Hispanic Loyalty
Toyota isn’t just winning the battle for Hispanic consumers — it’s dominating the nation’s second-largest ethnic group, in a triumph that’s more than 30 years in the making.
Rising Vehicle Ages Are Good News for Aftermarket Parts Suppliers
The average age of passenger vehicles on U.S. roadways climbed to a record this year, as car owners hold on to their vehicles longer amid low supplies of new vehicles and sky-high prices.
Nissan Sees North America Leading Global Sales Surge
Nissan CEO Makoto Uchida forecasts a robust rebound in global sales, as Nissan reports a 52 percent increase in operating profit in the just-ended fiscal year.
Toyota Forecasts Record Production, Sales and Profit
Toyota CEO Koji Sato forecasts record production and sales levels this fiscal year as the automaker plows ahead with expansion and healthy finances.
New Vehicle Inventories Rise Above 1.9 Million to ‘21 Level
New-vehicle inventories continue climbing, even in the face of the fastest sales pace in more than a year. It’s a further sign that production constraints are easing, according to data by Cox Automotive and the Automotive News Research & Data Center.
Average New Car Costs More Than $700 per Month
Recent banking failures may lead to tighter auto financing
and keep new cars out of reach for a growing number of
Americans, MarketWatch reports.
Analysts Estimate Auto Market Expanded Up to 5.7% in April
Analysts estimate that the market expanded up to 5.7 percent in April, with fleet driving most of the gain, as inventories continue to recover.
April U.S. Light-Vehicle Sales to Post Strong Growth; Inventory to Fall from March
Even though the seasonally adjusted annual rate could decline slightly from the prior quarter’s 15.2 million units, sales volume is forecast to rise a robust 13% year-over-year in Q2.
March’s Surge Lifts Q1-2023 North America Production to 11.2% Year-over-Year Increase
Production in Q2 is tracking toward a 10.2% year-over-year increase. If March’s unexpected surge is a firm sign that supply disruptions have improved to a new level, there is more upside to Q2 output.
Used EV Marketplace Gains Steam on Low Prices
“Used EV sales will begin increasing rapidly from here, following a clear path set by new sales,” said Jonathan Smoke, chief economist of Cox Automotive.
Car Dealers Have Almost Normal Inventory Again
As inventory builds, dealers and automakers start to offer discounts to help attract new customers. In March, the sale price of the average new car slipped below sticker price for the first time in almost two years.
Automotive TV Spending Increases 10.5%
Estimated national TV spending by automakers increased 10.5% in March compared to the same period a year ago, up from $195.6 million to $216.1 million, per iSpot.tv.
Q1 Sales Get Boost from Fleet Business
Demand for new vehicles remained strong despite rising transaction prices, and the selling rate jumped to 15.3 million a year.
Auto Industry Outlook Is Both Under Pressure and Historically Great
The three-month period that just ended, said Thomas King, chief product officer at J.D. Power, was the “second best first quarter on record” for dealer gross margin and profits from finance and insurance — trailing only last year’s.
GM Rebound Continues; Ford Gains; Toyota, Stellantis Slip
The overall market rose 8.6 percent to 1.37 million cars and light trucks in March, the highest monthly tally since May 2021, LMC Autmotive estimates, and slightly above the range of forecasts from analysts.