Tag Archives: Jonathan Smoke

Auto Industry Continues to Rebound from Pandemic Lows

Cox Automotive* experts on a media call today said U.S. new-vehicle sales in Q1 will increase 5.6% year-over -year (YoY) and reach 3.8 million units. The YoY increase in Q1 sales implies that the new-vehicle market in the U.S. continues to recover slowly from the 10-year low – 13.8 million total sales – recorded in 2022. AutoInformed notes that the Biden Administration recovery continues despite the Federal Reserve’s efforts to harm the economy by keeping interest rates unduly high. Continue reading

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US Vehicle Transaction Prices Down in January

The automobile market is not contributing to inflation. The extensively covered January Consumer Price Index (CPI), a key measure of inflation is widely misrepresented in AutoInformed’s opinion.

Cox Automotive* said today that it observed declines in retail vehicle prices last month, according to actual transaction data. Kelley Blue Book reported that average transaction prices for new vehicles were down by 3.5% year-over-year, Another Cox measure, Dealertrack data show average used retail prices down slightly less. “Both measures indicate the retail auto market is not pushing overall inflation higher,” Cox said. Continue reading

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Cox Automotive – US Vehicle Market Off To Slow Start, But…

Chief Economist of Cox Automotive* Jonathan Smoke said this morning that the US auto market is off to a slow start. However, the two-handed economist said that “We are seeing more positive momentum in the used-car market and in fixed operations. Tax refunds are just now starting to flow, and that should bring the strongest used-car market performance for the year.”

“We’re only halfway through January with the credit card spending data. But so far it appears that the consumer is holding up with spending growth stable relative to the level of spending growth we had at the end of last year. That was slower than we had seen previously in 2023. But it is enough. To produce growth of roughly 4% in nominal terms in consumer spending, and that’s enough to keep the economy moving forward,” Smoke said.** Continue reading

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Forecast is Finally Normal for 2024 US Auto Market

“Our research suggests that Americans are putting more emphasis on buying/owning personal transportation, in contrast to 2018 and 2019, when consumers put a higher value on “access to transportation,” said Jonathan Smoke Cox Automotive Chief Economist. “And after tumbling in 2021 and 2022, satisfaction with the car buying process is expected to improve in the year ahead, thanks in part to better inventory and the return of discounting, but also from improved processes at the dealership that save time and make car buying more efficient.” Continue reading

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