
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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Credit proved readily available for many, but most loans left buyers in negative territory, Cox Automotive said.
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The wholesale market continued its decline last week, with the rate of decline remaining consistent with the past seven weeks.
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The seasonally adjusted annual rate is estimated to be near 36.2 million, down from last August’s 40.8 million level and below July’s revised 38.3 million pace.
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The Retention Index continues to decline in August, finishing the month at 184.0 points as consumer demand for used vehicles weakened.
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Draft regulations would target bait-and-switch price ads, misleading F&I practices, and valueless F&I products.
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First $900 million coming to help 35 states build network of stations. President also promotes tax breaks to buy EVs built in North America.
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The Estimated Average Weekly Sales Rate continued its descent, hitting 58% last week. The Estimated Average Weekly Sales Rate hasn’t been below 60% since February of 2021.
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The market saw continued declines last week, with the overall rate of depreciation being consistent with what we have experienced over the last five weeks.
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iSeeCars research finds prices of battery-electric vehicles (BEVs) rose 54.3%, while used internal-combustion-engine (ICE) vehicle prices rose 10.1%.
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Despite negative economic headlines and a volatile stock market, auto retailers continued their expansion through acquisition, with buy/sells increasing 16% YOY, despite spending pullbacks by public retailers, according to the Second Quarter 2022 Blue Sky Report® by Kerrigan Advisors.
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As used originations increase, credit unions reach nearly 26% total vehicle financing market share, the highest volume in five years.
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