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Cox - 4 Chris Frey - 4 That's - 2 — - 1 It's - 1 Frey - 1 Roger Beasley - 1 Jonathan Smoke - 1
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Cox Automotive - 3 DETROIT – - 2 Service - 1 Manheim - 1 UAW - 1 U.S - 1

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10 mentions found


☆ Every type of used car is getting cheaper except trucks
  + stars: | 2023-10-10 | by ( Alexa St. John | ) www.businessinsider.com   time to read: +3 min
The used car market took off during the COVID-19 pandemic. As of last month, used pricing had declined nearly 4% year-over-year, according to Cox Automotive's latest Manheim Used Vehicle Index, with one exception: Trucks. Overall, despite slight improvements in the used car market from 2020 and 2021, supply remains tight for used cars today, according to Cox, and is tighter than this same point both last year and pre-COVID. Used car dynamicsThe pandemic broke the used car market, and there is no "normal" for this market to return to. The ongoing UAW strike could also eventually threaten used car prices.
Persons: —, Cox, That's, It's, Chris Frey Organizations: Service, Manheim, UAW
☆ Used vehicle prices may have bottomed for 2023 after August increase
  + stars: | 2023-09-08 | by ( Michael Wayland | ) www.cnbc.com   time to read: +2 min
DETROIT – Prices of wholesale used vehicles may have bottomed for the year, as Cox Automotive said prices last month increased for the first time since March. Cox reported Friday its Manheim Used Vehicle Value Index was 212.2 in August, up 0.2% from July. Retail prices for consumers traditionally follow changes in wholesale prices. The costs and scarcity of inventory led consumers to the used vehicle market, boosting those prices as well. Cox expects the used vehicle wholesale market to experience a "slow and gradual recovery" in prices to pre-pandemic levels by 2028.
Persons: Cox, Chris Frey, Frey Organizations: Cox Automotive Locations: Chicago , Illinois, DETROIT
☆ Used car prices expected to stabilize following major decline in June
  + stars: | 2023-07-10 | by ( Michael Wayland | ) www.cnbc.com   time to read: +2 min
DETROIT – Wholesale used vehicle prices posted their largest decline last month since the beginning of the coronavirus pandemic, as prices are set to stabilize during the second half of this year. Cox Automotive reported Monday a 4.2% decline from May to June in its Manheim Used Vehicle Value Index to 215.1. The decline could help bring used vehicle pricing down for consumers in the months to come, as retail prices traditionally follow changes in wholesale prices. Cox Automotive expects wholesale used vehicle prices to be down roughly 1.1% at the end of this year compared to December 2022. Cox expects the used vehicle wholesale market to experience a "slow and gradual recovery" in prices to pre-pandemic levels by 2028.
Persons: Roger Beasley, Cox, Chris Frey, Jonathan Smoke Organizations: DETROIT –, Cox Automotive Locations: Austin , Texas, DETROIT
☆ Used car prices are falling as sales soften amid high interest rates
  + stars: | 2023-06-07 | by ( Michael Wayland | ) www.cnbc.com   time to read: +2 min
DETROIT – Wholesale used vehicle prices reached their lowest level of the year in May, as sales fell amid high interest rates and inflated retail prices. The declines in sales and wholesale prices signal the used vehicle market is weakening, according to Cox. Used vehicle prices have increasingly become a barometer for inflation since early last year when the Biden administration blamed the market for rising inflation rates. The costs and scarcity of inventory led consumers to the used vehicle market, boosting those prices as well. Continued declines could help bring used vehicle pricing down for consumers, since retail prices traditionally follow changes in wholesale prices.
Persons: Chris Frey, Cox, That's, Biden Organizations: DETROIT –, Cox Automotive, U.S Locations: Glendale , California, DETROIT
☆ Used vehicle prices fell last month for the first time in 2023
  + stars: | 2023-05-05 | by ( Michael Wayland | ) www.cnbc.com   time to read: +2 min
DETROIT – Wholesale used vehicle prices declined last month for the first time this year, as automakers increase production of new cars and trucks. The costs and scarcity of inventory led consumers to buy used vehicles, increasing those prices as well. Further declines could help bring used vehicle pricing down for consumers, since retail prices traditionally follow changes in wholesale prices. Used vehicle prices have increasingly become a point of interest for investors and the Biden administration as a barometer for easing inflation. The administration early last year blamed much of the rising inflation rates in the country on the used vehicle market.
☆ Why there may be no return to 'normal' for the U.S. used vehicle market
  + stars: | 2023-03-25 | by ( Michael Wayland | ) www.cnbc.com   time to read: +1 min
All new vehicles become used cars and trucks once they're sold. It's an obvious statement, but one that needs to be laid out to explain the root cause for ongoing inventory and pricing issues in the U.S. used vehicle market, which has been a barometer for the country's inflation levels. The lack of production meant fewer new vehicles would become used models for consumers to purchase, leading to inventory constraints in both the new and used vehicle markets, as well as record prices due to resilient demand. It's been three years since those initial plant closures, but American consumers — as well as the Biden administration — hoping for the used vehicle market to return to "normal" pre-pandemic levels shouldn't hold their breath. A notable decline in used vehicle prices toward the end of last year has been roughly cut in half in 2023, as inventories remain significantly down following vehicle-production disruptions.
☆ After a steep fall, used car prices poised to rise again
  + stars: | 2023-02-18 | by ( Chris Isidore | ) edition.cnn.com   time to read: +5 min
That shortage of new car inventory helped drive both new and use car prices to record levels earlier last year. The disruptions to the new car market at that time are about to be felt by today’s used car market. “And that’s going to impact wholesale prices and ultimately, retail prices.”It’s tough to know how long the rise in used car prices will last. The drop in used car prices has been a major factor in the slowing of inflation, but a sustained rise in used car prices could make it more difficult for the Fed to pull back on rate hikes. And prices would have risen 6.9% over the same 12 month period if used car prices had posted such a steep decline and instead just stayed unchanged.
☆ Used vehicle prices are falling but not enough to offset grossly inflated levels
  + stars: | 2023-01-09 | by ( Michael Wayland | ) www.cnbc.com   time to read: +2 min
DETROIT — Used vehicle prices are expected to come down further this year amid rising interest rates and improved availability of new cars and trucks, according to Cox Automotive. The automotive data firm expects wholesale prices on its Manheim Used Vehicle Value Index, which tracks prices of used vehicles sold at its U.S. wholesale auctions, to end the year down 4.3% from December 2022. As supply in new improves demand for us is declining," Cox Automotive chief economist Jonathan Smoke said Monday. The declining rates are good news for the Biden administration, which a year ago blamed much of the rising inflation rates in the country on the used vehicle market. The Manheim Used Vehicle Value Index increased by less than 1% from November to December.
☆ Used vehicle demand and prices continue to decline from record highs
  + stars: | 2022-12-07 | by ( Michael Wayland | ) www.cnbc.com   time to read: +2 min
DETROIT – Wholesale prices of used vehicles reached their lowest level in more than a year last month, as retail sales decline amid interest rate hikes, rising new vehicle availability and recessionary fears. Cox Automotive said Wednesday that its Manheim Used Vehicle Value Index, which tracks prices of used vehicles sold at its U.S. wholesale auctions, has declined 15.6% from record levels in January through November. "New inventory is finally starting to build, and that's producing momentum in new retail sales, but that momentum appears to be at the expense of used retail. Retail prices for consumers traditionally follow changes in wholesale prices. Cox estimates that used retail sales declined 1% in November from October and were down 10% from a year earlier.
☆ Why investors have jumped off the Carvana bandwagon
  + stars: | 2022-11-12 | by ( Michael Wayland | ) www.cnbc.com   time to read: +7 min
He touted the company's "landmark" second-quarter results on Aug. 5, 2021 that included the used car retailer's first-ever quarterly net profit. Analyst Adam Jonas cited deterioration in the used car market and a volatile funding environment for the change. Jonas said "a deterioration in the used car market combined with a volatile interest rate/funding environment" made for a "material risk" to the company. Used vehicle prices have so far remained steady, but that may not last long, as the wholesale costs continue to decline. The average used listing price for a used vehicle is stabilizing but remains near record highs of more than $28,200, according to Cox Automotive.
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