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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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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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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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At the NADA Show, Cox Automotive will feature its unmatched portfolio across 26,300 square feet of display space to demonstrate the company’s mission to transform the way the world buys, sells, owns and uses vehicles.
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Dealers using Dealer.com, VinSolutions, Xtime and Dealertrack DMS solutions have seen positive impacts to their bottom line.
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New-vehicle sales volume has been averaging just over 1.05 million each month since last August, and this February is not expected to buck the trend.
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