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July Was Hot for Auto Borrowers
Credit proved readily available for many, but most loans left buyers in negative territory, Cox Automotive said.
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SEARCHMENUSEARCHCredit proved readily available for many, but most loans left buyers in negative territory, Cox Automotive said.
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Groups acquire various brands, and one also buys a commercial truck business.
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The third quarter of 2022 closed with a new light-vehicle sales totaling a quarterly average SAAR of 13.3 million units, down slightly from a SAAR of 13.4 million units during the second quarter of the year.
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Certified pre-owned sales fell over 11% year-over-year in September and are off 5% since August, finds a Cox Automotive analysis of Motor Intelligence data.
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An economic downturn could put all automaker’s, even those making luxury autos, earnings to the test.
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Inflation and interest rate hikes could dampen consumer demand.
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Sales into large fleets, not including sales into dealer and manufacturer fleets, decreased 4.6% month over month in September to 122,586 units, according to an early estimate from Cox Automotive.
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New light-vehicle sales in September 2022 totaled a SAAR of 13.5 million units, up 9.6% from a year ago.
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Carmaker blames supply-chain issues, inflation for nearly 11% increase.
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The market continued its descent last week, with the level of decline still exceeding what is typically experienced this time of year.
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Sales fall due to customer affordability concerns. Company offering lower-priced models, cutting its costs.
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