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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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The luxury automaker credits strong factory-dealer communications as the reason dealers could sell into the pipeline.
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The first quarter of 2022 came to a close with new-light vehicle sales in March totaling a SAAR of 13.4 million units, a decline of 4.6% compared to February 2022 and a decline of 24.4% compared to March 2021’s SAAR.
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Manheim Market Report values saw weekly price increases that accelerated in each full week of March after the first week saw the smallest decline thus far this year.
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The seasonally adjusted Retention Index went down to 187.7 points in March 2022 as modified Spring arrives late.
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The month’s SAAR totaled 13.3 million units, down from 14 million in February and off 24.4% from March 2021’s SAAR of 17.6 million units.
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As we moved into March, the Wholesale Weekly Price Index continued to decline and is now just below the 2019 trend line, around 0.97.
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Unprecedented 383 transactions completed in 2021, representing 830 franchises, nearly three times the pre-pandemic average, according to The Blue Sky Report by Kerrigan Advisors.
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China’s Covid-Zero policy could cause global vehicle production to lose 2% of growth in 2022, equivalent to about 1.5 million units.
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While there are new stories of supply chain disruptions popping up daily, it is evident that some new inventory is hitting franchise dealers’ lots as more off-lease vehicles make their way to the auction lanes.
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March U.S. auto sales, when reported on Friday, will show a notable drop from last March as the market remains significantly constrained by lack of supply.
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