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The annual forecast for U.S. light-vehicle sales fell to 16.41 million as volume fell 2.3% year-over-year in an April that was expected to bring the year’s first gain following an underwhelming first quarter.
Cox Automotive’s 2019 Car Buyer Journey report finds consumers are spending less time in dealerships and in the market, accelerating the decisionmaking process as a growing affordability gap continues to threaten new-vehicle sales.
Cox Automotive’s auction brand will offer ‘next-generation’ vehicle imaging technology to dealer users through a strategic partnership with Fyusion.
Mark Luber has been named Cox Automotive’s first chief data officer, tasked with leading a 150-person team comprised of experts in data science, product management, analytics, and more.
Switching to a digital menu has its benefits, but dealers can’t expect it to deliver on its promise without a plan of action.
The unified companies will leverage a vast network of F&I product providers and new technology to innovate for dealers, agents, providers, and lenders.
Despite the expected volume decline, the firm put September’s seasonally adjusted annual sales rate at a healthy 17.1 million, down from last September’s 18.1 million SAAR. The company said higher interest rates and talks of tariffs may be having some pull-ahead impact in the market.
The tech firm confirmed this week reports that COO Mark O’Neil plans to retire this February. He’ll depart almost four years after Cox’s acquisition of Dealertrack, a company he led as CEO for about 14 years.
Responding to dealer feedback, the Cox Automotive brand has added a 30-day return option to its DS360 wholesale risk management offering. The guarantee is now available at 100 auction sites, guaranteeing 1.3 million vehicles.
Current market trends are playing right into the F&I product pitch, but they also reveal trouble ahead for the automotive retail industry at large.