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The Latest Breaking News from Cox Automotive

Cox Automotive increases its 2023 new-vehicle sales forecast

Analysts at Cox Automotive are expecting a much brighter year for U.S. auto sales in 2023 with an improvement in fleet sales leading to expected sales of 15 million, up from the previous prediction of 14.1 million.

Tribune News Service

Bankrate:Why is it harder to get a car loan in 2023?

When the time comes to purchase your next vehicle, you want to focus on finding your dream car, not fighting for affordable financing. But since the pandemic’s early days, the car market has shifted. Inflation made finding competitive rates challenging, and supply chain issues pushed average car prices above MSRP.

Tribune News Service

3 Auto Stock to Buy Into this Week

Despite the uncertain macroeconomic environment, auto sales will likely remain robust throughout the year. Auto dealers will continue to benefit from rising sales of new and used vehicles. Additionally, the pent-up demand for travel is expected to boost the auto rental industry. To that end, it could be wise to…

StockNews.com

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Automakers Will Struggle To Sell Vehicle Subscription Services: Study

Only 21 percent of respondents were aware of the concept.

Motor1

Average EV Transaction Price Down Over $10,000 Year Over Year: KBB

Kelley Blue Book says the average transaction price of a new EV in the US was around $55,000 in April 2023. Meanwhile, the average new car price is $48,275.

InsideEVs

Elon Musk’s aging Tesla sedans will soon face fresh competition from an unlikely corner

Volkswagen just unveiled its ID.7 sedan, the brand’s third global EV model, which is expected to hit U.S. shores next year and compete with Tesla’s Model 3 and Model S.

Fortune

2 Crash and Burn Stocks That Won't Make It Through April 2023

The used car business is feeling the pressure of high inflation and rising borrowing rates. With further rate hikes by the Fed in the pipeline, it could be wise for investors to steer clear of fundamentally weak used car retail stocks CarMax (KMX) and America's Car-Mart (CRMT). Read more….

StockNews.com

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Car prices are still high and they are unlikely to fall anytime soon

WEKU

Why car prices are still so high — and why they are unlikely to fall anytime soon

WEKU

Why car prices are still so high — and why they are unlikely to fall anytime soon

The average new vehicle costs nearly $49,000, an almost $10,000 increase from before the pandemic. This is a look at today's deeply weird auto market.

WEKU

Car loan payments push Americans ‘closer to the financial edge’ with severe delinquency rate the highest in 17 years

More Americans are struggling to make their car payments.

Fortune

Used car market flashing inflation warning

Used cars are not poised to benefit from stabilizing supplies in 2023.

Axios

Tesla slashed its prices across the board. We're now starting to see the consequences

Tesla's recent price cuts continue to reverberate, forcing Ford to follow suit while leaving Tesla owners feeling aggrieved. Here's how the move by the market leader has shaken the car industry.

WEKU

Tesla May Come Close To Its 50% Delivery Growth Guidance In US

Tesla sells more EVs in the US than any brand by a wide margin, but some fear it may not meet its goals for 2022. Cox Automotive expects it to come close.

InsideEVs

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StockNews.com

2 Auto Stocks to Tap the Breaks on Until Further Notice

The rising rates and high prices are hampering sales. Moreover, supply chain issues are still a concern in the auto industry. So, fundamentally weak auto stocks Lucid Group (LCID) and Mullen Automotive (MULN) might be best avoided now. Keep reading….

Tribune News Service

Auto review: 2022 Chevrolet Bolt EUV proves that Kermit the Frog was wrong

Many car buyers are considering electric vehicles, or EVs, for the first time and they’re facing more choices than ever. They are also facing sky-high prices. The average transaction price of an EV in July was $66,000 according to Cox Automotive. That makes the price of the Chevrolet EUV, a…

Benzinga

EXCLUSIVE: Michelle Krebs Of Cox Automotive Says 'If An Economic Recession Hits The US, Vehicle Sales Are Not Going To Be Affected Much'

The average price of a new automobile sold in America in June was $48,043, according to Kelly Blue Book, a Cox Automotive company. This is the highest average price ever and the first time it has been above the $48,000 mark.

Benzinga

Analysis: Could Elon Musk's Telsa Be Out Of Business Within 10 Years?

The second quarter of this year was a jackpot-smashing time for Tesla (NASDAQ: TSLA). According to data from Cox Automotive, Tesla was not only the top-selling brand in the U.S.

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Axios

Lower production is driving up new car prices — and automakers' profits

We could be seeing the birth of a new business model, with lower production, higher prices and fatter profit margins.

Tribune News Service

Auto sales could hit below pandemic 2020 levels amid low inventory challenges

Low inventory levels led Cox Automotive analysts to again revise their full-year U.S. 2022 new-vehicle sales forecast downward.

Motor1

New Car Monthly Payments Hit A New Record, At $712

It now takes 41.3 weeks of median income to purchase the average new car.

Axios

How shoppers are shifting spending amid decades-high inflation

Consumers are cutting back on durable goods as energy and food costs cut into budgets.

Tribune News Service

Ford reports 4.5% year-over-year sales decline in May amid industrywide drop

Amid a broader industry drop in auto sales for the month of May, Ford Motor Co. on Thursday reported that it sold 154,461 vehicles in the U.S. last month — down 4.5% from May 2021.

Axios

Car buyers balk at monthly fees for add-on features

GM predicts the average buyer will spend $135 each month on add-on features, but it could face resistance.

The Independent UK

Modest-income buyers being priced out of new-vehicle market

Two years after the pandemic tore through the economy, America’s auto market looks something like this: Prices are drastically up

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