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June Auto Market – Consumer Sentiment is Trump Chaotic
“Cox Automotive leading g indicators are mixed … in mid-June with a decreasing week-over -week trend related to service appointments, which were down 4% against 2024 in the week ending June 14 as geopolitical issues drive down consumer sentiment. We risk seeing momentum further decline in retail vehicle sales with scorching temperatures at the start of summer. Consumers may stay inside and away from dealerships with high prices and high uncertainty about what comes next in Iran and with uncertainty about when gas prices, interest rates and – of course – tariffs will come back down,” said Jonathan Smoke, Chief Economist. Continue reading
Trump Tariff Chaos – May Auto Sales Crash
Per Cox Automotive’s vAuto Live Market View, strong vehicle sales in March and April led to tighter inventory levels. New-vehicle inventory at the start of May totaled 2.49 million units on U.S. dealer lots, down 7.4% from the start of April and lower by 10.5% from a year ago. Days’ supply was 66 at the beginning of May, down six days from the previous measure at the start of April.
“Available inventory on dealer lots has declined significantly over recent weeks,” said Chesbrough. “Finding the right vehicle will be more challenging for shoppers. Additionally, prices will be high as existing inventory becomes less available and more valuable due to tariffs on incoming replacement supply. As more tariffed products replace existing inventory over the summer, prices are expected to be pushed higher, leading to slower sales in the coming months.”
The Q2 Cox Automotive Dealer Sentiment Index out last week said that dealers are increasingly wary of future market conditions. While many acknowledged the short-term lift in sales from tariff-driven urgency, the broader sentiment reflected anxiety about a cooling market and the long-term impact of trade policies. As expected, newly implemented tariffs by the Trump administration were a dominant theme in dealer responses, reinforcing the forecast of a cooling market in the months ahead. Continue reading
Cox Automotive Study – EV Consideration at Record High
“Education for both consumers and dealers remains a critical factor in driving widespread confidence and adoption of electric vehicles,” said Kayla Reynolds, Manager of Research & Market Intelligence, Cox Automotive Mobility. “For dealers specifically, preparation is paramount, and our findings emphasize the urgency of equipping dealers with EV sales and servicing capabilities to meet the needs and demands of EV buyers.” Continue reading
International Auto Fraud Ring Busted in Four Countries
Law enforcement officials in Romania, the Czech Republic, the United Kingdom and Canada arrested six Romanian nationals today for their alleged involvement in a sophisticated multimillion-dollar auto fraud scheme. The U.S. Department of Justice said the defendants were responsible for saturating Internet marketplace websites including eBay, Cars.com, AutoTrader.com and CycleTrader.com with detailed advertisements for cars, motorcycles, boats and other high-value items generally priced in the $10,000 to $45,000 range. Unbeknownst to the buyers, however, the merchandise did not exist. Continue reading
Posted in auto news, fools 'n frauds, litigation
Tagged amazon, auto fraud, auto informed, autoinformed.com, automotive news, autotrader, cyber fraud, doj, e-bay, Ken Zino, paypal
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Used Vehicle Prices Down as Consumer Sentiment Drops
“We started to see stronger sales trends in late July and early August for retail and wholesale markets, and that’s causing some additional volatility in wholesale pricing trends in recent weeks, against a stronger comparison from last year,” said Jeremy Robb, senior director of Economic and Industry Insights at Cox Automotive. Continue reading →