Average wholesale vehicle prices fell nearly 10% year-over-year last month and remain on the downward slope for June, according to the latest Kontos Kommentary analysis from ADESA chief economist Tom Kontos.
Whether you plan to drive the wheels of your new car or expect to only have it for a relatively short time in its lifespan, resale value is a vital but often overlooked characteristic that should be considered when putting a new model in your garage.
WASHINGTON (AP) — With inflation in the United States still excessive, most Federal Reserve officials expect to raise interest rates further this year, Chair Jerome Powell told a House committee Wednesday. “Inflation pressures continue to run high, and the process of getting inflation back down to 2% has a long way to go,” Powell said on the first of two days of semi-annual testimony on Capitol Hill.
New-vehicle inventory in May reached its highest level in two years, according to Cox Automotive’s analysis of vAuto Available Inventory data, with a notable increase from the previous month. Days of supply increased due to a slight weakening in sales toward month-end. Despite a decline in the average listing price, it remained above $47,000.
The jump in used-car costs that propped up U.S. inflation last month is widely expected to swing into reverse in June, finally delivering a slowdown in one of the most-watched price gauges. Core inflation, which typically strips out food and energy prices, has proved sticky this year even as the headline rate has plunged.
Car dealerships are slowly gaining a more positive view of the U.S. automotive market in the second quarter (Q2) of 2023, per the Cox Automotive Dealer Sentiment Index published on June 7th, 2023. Released quarterly by Cox Automotive, the Index shows improving sentiment among car dealerships for Q2 2023 even as profits continue to drop.
When the Federal Reserve sits down Wednesday to decide whether to raise interest rates again, it will likely be a game-time decision. Fed Chair Jerome Powell said that the central bank will make decisions on interest rate moves on a "meeting by meeting" basis.
Used-vehicle sales volumes were stable in May relative to April, but they were off from the normal seasonal pattern, which is to see growth. Volumes were down 11% year-to-year, the worst performance so far this year. Wholesale used vehicle values fell again in May, and the price declines accelerated as the month progressed.
On June 1, the CFPB published an issue spotlight and a consumer advisorydetailing the risks associated with storing funds on digital payment apps, particularly in the event of a platform’s financial distress.
The drop of wholesale used vehicle prices continues to pick up pace. The overall wholesale market dropped 0.31 percent, according to the BlackBook weekly insights. It’s the largest one-week slide since the market turned at the end of April.
Tapping its bench strength of proven talent, Manheim has named three new general managers for its Dallas, Portland and Kansas City locations. The leaders represent a combined 40 years of experience working closely with Manheim’s clients and teams to achieve mutual success.
The Federal Reserve’s battle to taper inflation by ratcheting up interest rates is limiting who can afford to purchase a new or used vehicle. The rate hikes have many Americans lowering their buying expectations, opting for used vehicles over new, or fixing their current car or truck instead of purchasing a replacement.
Federal Reserve Governor Philip Jefferson and Philadelphia Federal Reserve President Patrick Harker suggested Wednesday that the central bank could pause rate hikes at its next policy meeting.
Used vehicle sales lagged in April, as inventory continues to be a challenge. According to new numbers from Cox Automotive, used vehicles sales were down 1.7 percent from April 2022. The report estimated sales at 3.1 million units.
DETROIT — 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.
Car Capital paused originations, reduced its workforce and shifted contract servicing to Westlake Financial last November because of “difficult capital market conditions.” On Thursday, Car Capital reemerged with a new leadership team set to do business now in the Midwest and Southeast with an expansion into the West in the works.
The National Highway Traffic Safety Administration (NHTSA) demanded the recall of 67 million air bag inflators because it believes there is a safety defect, but auto supplier ARC Automotive Inc rejected the U.S. regulator’s request, documents released on Friday show.
Multiple automakers are signaling the return of incentives as they consider options to address rampant unaffordability in the current car market.
The Dealertrack Credit Availability Index tracks how difficult it is to qualify for all types of car loans. The index declined 1.5% to 96.8 in April, the lowest reading since February 2021, and reflected that auto credit was more challenging to get in the month than every month since then.