Cox Automotive Newsletter October 11, 2022
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It’s amazing to think we are already into the fourth quarter. Over the last couple of weeks, we closed out the third quarter with our Industry Insights and Sales Forecast Call and our Manheim Used Vehicle Value Index Call. If you missed them, the replays and related content are available in the Newsroom.
Since our last newsletter, Southwest Florida endured Hurricane Ian and truly devastating destruction. It’s a small consolation, but vehicle loss estimates are substantially lower than Hurricane Harvey. Cox Automotive Chief Economist Jonathan Smoke posted this morning estimates on vehicle damage and the subsequent replacement demand and wholesale prices.
In the Auto Market Report video published this morning, Smoke, said: “We are seeing the market contend with the disruption from Hurricane Ian and the impact of replacement demand now forming. We do expect Florida to see stronger than normal demand through October and into the month of November.”
In this newsletter, we also highlight the latest Fed moves, the September Dealertrack Vehicle Affordability Index and certified pre-owned sales.
Congratulations to two Rising Stars! Cox Automotive and the National Association of Minority Automobile Dealers (NAMAD) awarded two Rising Star Awards to Jarryd Carver, chief executive officer, Winners Circle Automotive Group, and Michael Lee, dealer principal, Freedom Kia of Morgantown.
We hope you find this selection of articles informative and helpful. Visit the Cox Automotive Newsroom for the latest on the industry’s most important topics, and bookmark the Auto Market Snapshot, a one-stop dashboard for the data our team is tracking.
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