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automobile dealers’ view of current market conditions increased from an index score of 42 in Q4 2024 to 44 in Q1 2025. Franchised automobile dealers had a positive outlook with a score of 54, seeing the market as strong. automobile dealers were feeling pretty good about the market,” added Smoke.
“2023 was a record year for electricvehicles,” said Ryan Mandell, Mitchell’s director of claims performance. This represents a year-over-year decrease of 5% for EVs and an increase of 3% for ICE vehicles. Material Construction: EVs tend to be heavier than ICE automobiles due to the battery weight.
Notably, the percentage of buyers highly satisfied with the overall shopping experience increased to 73% for new-vehicle buyers and increased from 58% to 68% for used-vehicle buyers. At 80%, new electricvehicle (EV) buyers continue to report the highest levels of satisfaction with the process.
“A decade from now, when we look back at the years immediately following the global pandemic of 2020, we’ll be awed by the dramatic swings and unprecedented circumstances the economy and auto market endured,” said Cox Automotive Chief Economist Jonathan Smoke. The total number of used vehicles sold is expected to reach 36.2
At 33, the profitability index fell to its second-lowest score ever, behind only Q2 2020, at the height of the COVID-19 pandemic. Beginning in the second half of 2022, the index has dropped significantly and, in Q1 2024, hit 41 – the lowest point in the survey’s history excluding Q2 2020. “The vehicle market in the U.S.
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