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Automotive Consumers Sink Further in Debt
Most financing metrics hit records in the second quarter as more buyers locked themselves into long terms and high monthly payments.
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SEARCHMENUSEARCHMost financing metrics hit records in the second quarter as more buyers locked themselves into long terms and high monthly payments.
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Inventory shortages have vehicle lessees re-evaluating their end-of-lease options.
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Penske Automotive Group first quarter net income sored from $183.1 million year over year to $369.5 million.
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The consistency of new vehicle inventory levels over the last six months suggests that the industry is readjusting to a ‘new normal’ level of inventory while increasing vehicle prices indicate low inventory levels continue to generate strong gross for dealers and profit for OEMs.
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Cox Automotive has been researching the car-buying process for 12 years and, with the release of this new study, is diving into the financing aspect of the car buying process for the first time.
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The car market continued its ascent last week, with the rate of gain accelerating to 0.23%, larger than the typical increase for this time of year.
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The big picture has not changed much from last month to now; overall prices are increasing, but by much smaller amounts than we have seen since the pandemic began a little over two years ago.
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The team at Kelley Blue Book has assembled two broad reports from the first quarter: One is a look across industry-wide U.S. sales in Q1, the other a narrow review of electrified vehicle sales in the U.S., the combined sales of hybrids, plug-in hybrids and EVs.
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AutoFi's suite of products integrates the online, remote, and in-store sales experiences, providing automotive commerce solutions and tools that help dealers close sales.
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Higher gas prices are affecting the demand for trucks and SUVs – almost all the non-luxury crossover / SUV and pickup segments of all ages are depreciating at an accelerating rate, while non-luxury car segments are appreciating.
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Consumers seeking lower prices on dealership lots must wait until 2023, reported auto-industry leaders at the New York International Auto Show.
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