COX Automotive News Summary - October 29, 2021
Welcome to From the Newsroom, a roundup of news from Cox Automotive and perspectives from its analysts and experts on topics dominating the automotive industry.
Chief Economist Jonathan Smoke reports in the Auto Market Report video published this morning that new-vehicle sales have clearly stabilized so far in October with inventory slowly improving. Cox Automotive leading indicators on shopping activity, credit applications and service appointments are mixed but stable so far in October.
The Industry Insights team is still uncovering interesting findings in Q3 data. In addition to our 10 takeaways from the quarter, we published a comparative analysis of the six major automakers in the U.S. yesterday, and market performance reports on Ford Motor Company and General Motors were published this morning.
Data show electrified vehicles surged past 1 million units sold through the third quarter, which is all the more interesting with Hertz announcing yesterday that it will purchase 100,000 Teslas. Reacting to the news, Lea Malloy, head of electric vehicle battery health solutions at Cox Automotive Mobility, said: “The Hertz-Tesla tie-up is an indication that there is growing consumer interest in the idea of going electric. With high gas prices and proven lower operating costs, this is likely a smart play by Hertz. And a smart move by Tesla too, as it will introduce far more consumers to the growing Tesla brand, including those who reside in places where Teslas are not sold.”
Vehicle prices hit record highs – listing prices in September for both new and used vehicles as well as mid-month October used-vehicle values in the wholesale market. Meanwhile, new-vehicle inventory dropped below 1 million units while used-vehicle inventory improved slightly.
Continuing our quest to be the go-to source for data and insights that drive the auto industry, Cox Automotive launched two Xtime metrics to measure service department activity. The new Repair Order Volume Index and Repair Order Revenue Index will be updated around the 20th of each month and are included in the Auto Market Snapshot, a one-stop dashboard for data the Industry Insights team is tracking.
We hope you find this selection of articles informative and useful. Visit the Newsroom for the latest on the industry’s most important topics.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|