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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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The industry saw 14.3% month over month growth, but CPO sales still fell 23.3% short of 2021 sales for the same month.
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With low inventory and high demand, incentives dropped to a record low in March, averaging only 3.2% of the average transaction price.
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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 U.S. auto industry has no shortage of buyers currently, but it lacks the inventory to satisfy them.
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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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The added cost to fill up impacts everyone differently, and high prices tend to drive further interest in fuel-efficient vehicles and, of late, electric vehicle solutions.
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February’s CPO result is the highest since October 2021 and interrupts a six-month downward trend.
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First all-in-one messaging platform for dealerships to integrate chat, text, and social media conversations.
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Facing a slow start to the year, and with concerns over inflation and the economy, automobile dealer sentiment softened in Q1, marking the third consecutive quarter-over-quarter decline in current market sentiment.
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