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automarket, the word that will likely sum up 2024 is “normalcy,” according to Cox Automotive’s Forecast: 2024. auto industry. automarket being steered by five key themes. In 2024, the used-vehicle market is expected to grow by less than 1%. million units, up 3% from 2023.
held mostly steady in Q3 2023 compared to Q2, as high interest rates and economic concerns weigh heavily on the U.S. automarket, according to the Cox Automotive Dealer Sentiment Index (CADSI). automarket is relatively balanced and consistent from last quarter. Overall dealer sentiment in the U.S.
In fact, the 2024 Realtor.com Housing Market and Electric Vehicle Report found three of the top 10 and eight of the top 20 housing markets for EV ownership are in the Golden State. The San Jose-Sunnyvale-Santa Clara market ranked No. In the San Jose market, the report said, one in five households has an EV and 4.9%
The latest survey, conducted immediately following the national election in early November, indicates that, while current market conditions are still viewed as weak, dealers are increasingly optimistic about the future. This significant increase suggests that more dealers believe the automarket will be stronger in the next three months.
automarket fills in another piece with the arrival of the 2025 Hyundai Sonata. The other trim news is the SEL with the $3,050 Convenience Package being broken out as its own trim, which could be considered another restoration after the SEL Plus also left the lineup at the end of the 2023 model year.
The Cox Automotive Dealer Sentiment Index (CADSI) shows that current market sentiment improved slightly in the first quarter compared to the fourth quarter of 2023, increasing from 40 to 42, but remains well below the 50 threshold, indicating most dealers see the current market as weak. That is no longer the case.
The Cox Automotive Dealer Sentiment Index for the first quarter of 2024 shows dealers’ view of the market has improved only slightly, up to 42 (out of 100) from Q4 2023’s dismal score of 40 — the lowest since the beginning of the COVID pandemic in the spring of 2020. automarket is very different than it was just two years ago.”
7 electric vehicles. Comparing F&I product sale activity in all of 2023 and comparing to the previous year, 41.6% of auto dealers said the sale of F&I products was up about 5-10%. By the summer of 2023, the cost of auto repairs had risen nearly 20% compared with the previous year, according to the Consumer Price Index.
On the other hand, independent dealers scored the current used-vehicle market at 38 – an improvement from last year and last quarter – but still indicating that a majority of independent dealers perceive the used-vehicle market as weak. The index has fallen each quarter since Q2 2023, when the score was 52.
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