According to the Cox Automotive forecast released today, October’s U.S. new-vehicle sales volume is expected to rise over 4% from last year and finish with 1.11 million units sold, delivering a sales pace for October of 14.3 million.
Cox Automotive believes the likely range of severely damaged vehicles that could need replacement is between 30,000 and 70,000 vehicles.
Certified pre-owned sales fell over 11% year-over-year in September and are off 5% since August, finds a Cox Automotive analysis of Motor Intelligence data.
Sales into large fleets, not including sales into dealer and manufacturer fleets, decreased 4.6% month over month in September to 122,586 units, according to an early estimate from Cox Automotive.
The average interest rate paid on a new vehicle purchase hit 5.7% in September, up from about 4% in 2021.
Cox Automotive's quarterly review allows us to see how the market has progressed compared to expectations.
September U.S. auto sales, when confirmed next week, are expected to show a new-vehicle market mostly unchanged from previous months and still stuck in low gear.
The seasonally adjusted annual rate is estimated to be near 36.2 million, down from last August’s 40.8 million level and below July’s revised 38.3 million pace.
The report, based on Cox’s analysis of Motor Intelligence data, reported 211,609 CPO sales in August.
U.S. auto dealers see market weakness driven by inflation, economic anxiety, and tight inventory.
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