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Search resuls for: "Cox Automotive's"


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Tesla's US electric vehicle market share has grown to 51.3%, despite numerous challenges. Tesla's US market share actually grew in the first quarter. Related storySince the end of September, Tesla's share of the US EV market has grown by 1.3 percentage points to 51.3%. The next closest rival is Ford, with a meager 7.4% market share. These stats say more about the general sorry state of the US EV market.
Persons: Elon, , Tesla, Elon Musk, Cox Automotive's Kelley, Tesla's, That's Organizations: Service, Cox, US, Hyundai, VW, BMW, Ford, Rivian Locations: Polestar, China
A Foundation series Cybertruck was sold at an auction for $244,500 on Wednesday — over $130,000 more than its sticker price. AdvertisementSince Tesla started deliveries of the Cybertruck on November 30, Give Me The Vin has received dozens of offers from Cybertruck owners, Wolfe said. It's not the first time Tesla owners have attempted to flip their cars. In 2022, some Tesla owners made up to $7,000 reselling their EVs. However, the resale market has been difficult for Tesla owners in recent years due to the company's recent series of price cuts.
Persons: , Elon Musk, John Clay Wolfe, Tesla, Wolfe, We've, he's, GiveMeTheVin, Rolls Royce, It's Organizations: Service, Porsche, Cox Automotive's, Business, South Orlando, Elon, Tesla, Rolls Locations: Cox Automotive's Manheim, Dallas , Texas
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
Striking United Auto Workers members Laura Zielinski and Aisha Cochra hold their strike signs outside the Stellantis Jeep plant in Toledo, Ohio, U.S. September 19, 2023. The fledgling auto workers strike, if it lasts and broadens out, could be just that. A prolonged nationwide strike could put already-low inventory under heavy strain, posing "significant" upside risk to auto prices. The United Auto Workers strike against the 'Detroit Three' automakers General Motors, Ford and Stellantis entered its fifth day on Tuesday. Annual inflation has plummeted this year and by some measures now has, or is close to having, a "2" handle - the central bank's 2% goal is within sight.
Persons: Laura Zielinski, Aisha Cochra, Rebecca Cook, Morgan Stanley, Michael Feroli, JP Morgan, Cox, Stellantis, Morgan Stanley's Ellen Zentner, Jamie McGeever, Andrea Ricci Organizations: United Auto Workers, REUTERS, Rights, Fed, Reuters, U.S . Consumer, Bureau of Labor Statistics, General Motors, Ford, Cox Automotive, UAW, UBS, University, Thomson Locations: Toledo , Ohio, U.S, Rights ORLANDO , Florida, Detroit
Here's a look at six reasons why you're paying more for car repairs. More technology in carsJamie Grill | Getty ImagesCommon car repairs can run consumers $500 to $600 a visit and sometimes "much higher," according to AAA. More advanced — and more expensive — technology in vehicles is a big reason for higher repair costs, said Robert Sinclair, Jr., a spokesman for AAA Northeast. More auto wrecks mean greater demand for mechanics, serving to raise prices for car repairs, Sinclair said. Fewer auto repair techniciansMeanwhile, there's been a dearth of available mechanics to meet that greater demand, translating to higher labor costs, auto experts said.
Persons: Michael H, Grill, Robert Sinclair, Jr, Sinclair, Skyler Chadwick, Morgan, Chadwick, Peter Dazeley, there's, Organizations: Getty, AAA, AAA Northeast, Finance, Cox Automotive, P Global Mobility, Bank, National, Traffic Safety Administration, TechForce Foundation, Auto, Cox
Vehicle production took a hit after the pandemic disrupted supply of semiconductor chips and other raw materials, hurting automakers' ability to meet the upsurge in demand for cars, trucks and SUVs. Toyota Motor's (7203.T) North America unit reported a 7.13% rise in U.S. sales to 568,962 units for the quarter ended June. Auto giant General Motors (GM.N), however, surpassed Toyota in the quarter, with a near 19% rise to 691,978 units in the United States. Earlier in the week, FCA US, a unit of Stellantis (STLAM.MI), reported a 6% increase in total U.S. sales. Power and GlobalData estimate total U.S. auto sales to reach 4,116,600 units in the quarter ended June, up 18.2% from a year earlier.
Persons: Cox, Jonathan Smoke, Toyota Motor's, J.D, Pratyush Thakur, Shivansh, Pooja Desai, Shilpi Majumdar Organizations: Toyota, Auto, General Motors, FCA, Tesla Inc, Thomson Locations: United States, America, Bengaluru
Car sales with a trade-in with negative equity rose from 14.9% to 17.4% in one year. Having negative equity means having a car debt that's more than the value of the car itself. The number of Americans that are upside down on their car loans is increasing. The combination of rising interest rates and declining used car prices after pandemic-induced highs has left some customers in difficult situations. As a result, a record number of car buyers are committing to paying $1,000 or more for their car loans, risking missed or late payments.
This debt load is beginning to takes it toll — the NY Fed's report found that millennials are missing credit card and auto loan payments at rising rates. Millennials are starting to miss credit card paymentsAfter falling over the last few years as borrowers paid down their balances, US credit card debt rose $61 billion in the fourth quarter, the largest increase in the history of the NY Fed's data, which dates back to 1999. This increase brought total credit card balances to $986 billion, surpassing the pre-pandemic high of $927 billion. Inflation has caused many millennial consumers to spend more, save less, and ultimately turn to credit card debt as pandemic-era savings have run out. While there are surely several factors fueling credit card debt among millennials, the high cost of childcare and related expenses surely aren't helping.
DETROIT — Automakers are hopeful last year's new vehicle sales — the worst in more than a decade — will mark a bottom for the market, at least in the near term. Toyota Motor was down 9.6%, while Stellantis , Nissan and Honda Motor posted double-digit falls of 13%, 25% and 29.4%, respectively. But auto industry executives remain cautiously optimistic that sales will rebound in 2023, regardless of recessionary fears, rising interest rates and other economic concerns. Toyota and GM said they expect U.S. auto sales to increase to about 15 million vehicles this year. S&P Global Mobility and Edmunds expect 2023 new U.S. vehicle sales to be 14.8 million, while Cox Automotive's preliminary forecast is 14.1 million.
Used car retailer Carvana has come crashing down after a strong two years. The upstart used car retailer is fading so fast, many industry players are wondering what happens if it goes bust. When global supply chain constraints hampered new production, shoppers pushed used car prices to record highs and Carvana's peak valuation to more than $60 billion. What its mean for car buyers — and legacy dealersCarvana vehicle buyers should feel relatively protected. A bankruptcy, however, could leave car dealers pleased, as Carvana was able to undercut its brick-and-mortar competition with vehicle prices.
Used car prices have fallen to their lowest level since August 2021. As the Federal Reserve has raised interest rates in an effort to cool inflation, interest rates on car loans have risen in tandem. In October, the average annual percentage (APR) rate on used car loans rose to 9.6%, the highest level in over a decade. For those less reliant on financing for their car purchases, however, this could be their best chance to buy an affordable car in over a year. While the new car market is expected to cool off as well, used car prices continue to be where the best bargain is.
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