Cox Automotive Holds Steady Amidst Shifting Vehicle Sales in 2024
Cox Automotive Stabilizes Outlook for Vehicle Sales in 2024
Cox Automotive has decided to keep its forecast for new-vehicle sales in 2024 unchanged, reflecting an anticipated total of 15.7 million units. This comes even as the sales volume for September is predicted to decline considerably, indicating a dynamic automotive market.
Sales Trends and Market Insights
This September, new-vehicle sales are projected to decrease by 16.1% compared to August and fall 11.0% year-over-year. Despite this downturn, the sales pace remains relatively strong. Analysts expect it to reach approximately 15.9 million units by the month’s end, marking a slight improvement from last year's 15.8 million sales rate.
Impact of Selling Days on Sales Volume
The number of selling days can significantly affect monthly sales. September offers only 23 selling days, a decrease from 28 in August and 26 last year. Such changes complicate month-to-month comparisons but are essential for understanding the overall market trends.
Sales Incentives and Inventory Levels
Robust inventory levels and increasing sales incentives are powering new-vehicle sales. In 2024, the industry has seen a return to incentivization, with August witnessing incentives at their highest since early 2021. This has also contributed to more favorable pricing, making vehicles more affordable for consumers.
Year-to-Date Sales Performance
As we look into year-to-date performance, new-vehicle sales are expected to increase slightly by less than 1% compared to the previous year. However, many of these gains stem from fleet and leasing sectors. Particularly, leasing activity has surged, primarily attributed to attractive electric vehicle leasing options which have captivated buyer interest.
Cox Automotive’s Market Position and Future Outlook
Cox Automotive's insights suggest that while the overall new-vehicle market is solidifying, much of the growth has been segmented towards fleet sales. Retail purchases—an essential metric representing cash or financed sales—are predicted to dip by approximately 4% in comparison to 2023.
Performance of Major Manufacturers
Notably, Honda has made commendable strides in the marketplace, securing a position in the top five automakers by focusing on models like the CRV and Accord. This growth has allowed Honda to gain nearly 1% market share year-to-date. Meanwhile, Stellantis continues to face challenges, slipping into sixth place as per the recent assessments.
About Cox Automotive
Cox Automotive stands as a leading provider of automotive services and technology solutions globally. Through first-party data generated from over 2.3 billion online interactions annually, the company caters to car shoppers, manufacturers, dealers, and fleets alike. Furthermore, it encompasses an array of prominent brands like Autotrader, Kelley Blue Book, and Manheim.
Frequently Asked Questions
1. What is Cox Automotive's current vehicle sales forecast?
Cox Automotive is maintaining a full-year sales forecast of 15.7 million new vehicles for 2024.
2. How are new-vehicle sales performing currently?
Sales are expected to decrease significantly in September, down 16.1% from August and 11.0% year-over-year.
3. What factors influence vehicle sales this year?
Variability in selling days and increased sales incentives are pivotal factors affecting vehicle sales.
4. How has Honda performed in the market recently?
Honda has gained nearly 1% market share and moved into the top five for vehicle sales.
5. What is the significance of leasing in the current market?
Leasing is beneficial, especially for electric vehicles, with a 24% year-over-year increase in leasing activity.
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