A quick snapshot. Manheim reports a 0.4% price increase for wholesale used vehicles from October to mid-November.
Prices are still down an average of 13.7% from November 2021. So far, the declines are similar to 2019, suggesting a return to normal for the time of year.
Wholesale Days' Supply is regular and is expected to end the year similar to October, but 8 days higher than last year.
Consumer Sentiments dropped 8.7% in October but are still the second-best since March. Sentiment has increased 2.3% in the first 2 weeks of November.
Broader implications. Bloomberg says that the Auto industry acted like a flat tire in the last 18 months. Supply issues limiting automotive growth spread to many other sectors, causing weak economic growth... you know the rest.
But the industry is healing, and with it, expectations for economic growth in the next quarter. Projections say if November and December simply keep pace with October, it will translate to a 10% jump for the quarter.
All things tallied. Automotive maintaining its current trajectory will lead to the fastest GDP growth for the year at roughly 4%. Automotive alone will account for about 25% of that growth.