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automarket, the word that will likely sum up 2024 is “normalcy,” according to Cox Automotive’s Forecast: 2024. auto industry. “To name a few, we saw historic appreciation in vehicle values, unimagined drops in supply, and interest rates moving from all-time lows to 23-year highs at an unforgiving pace.
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.
“Overall, dealer sentiment is likely worse than actual market conditions,” Smoke said. Retailvehicle sales have been fairly consistent so far this year, inventory has returned to reasonable levels and we believe interest rates have likely hit a ceiling.
. “Overall, dealer sentiment is likely worse than actual market conditions,” added Smoke. Retailvehicle sales have been fairly consistent so far this year, inventory has returned to reasonable levels, and we believe interest rates have likely hit a ceiling. 3 on the list of top 10 factors affecting business.
automarket is very different than it was just two years ago.” ” While the current market index, and many of the factors driving it, remains weak, the market outlook index improved significantly in Q1, jumping from 41 last quarter to 51 in Q1.
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