COX AUTOMOTIVE – “January is typically light for vehicle sales and this year was complicated by weather disruptions and record COVID cases,” notes Cox Automotive Chief Economist Jonathan Smoke in the Auto Market Report video posted this morning.
“So, this January has been disappointing. But, we are just days away from households starting to receive tax refunds, and that typically drives what we refer to as ‘tax refund season’ or the ‘spring bounce’ in used-vehicle demand. So, it is very likely that the next several weeks are going to be dramatically different than the first 30 days of the year.”
Watch the Auto Market Report video for more data and insights that provide a holistic view of the auto industry.