Q4 Market Pulse

🎭 Cox Automotive’s Dealer Sentiment Index:

• Low Low: New data shows overall the dealer sentiment in the U.S. auto market has significantly decreased in Q4 compared to Q3, reaching its lowest level since Q2 2020.
• Biz Barriers: Both franchised and independent dealers are citing interest rates, the economy, and market conditions as the top three factors currently holding back their business.

💸 Pricing and Payments:

Monthly Payments: Average new-vehicle finance contract monthly payment rose to $727, an $11 increase YOY.

Average Transaction Price: Slight increase to $48,247 in November (up less than 1% from October, but down 1.5% YOY).

📊 Sales Trends:

On the Rise: Sales for the first 11 months of 2023 showed a 12.2% jump compared to the same period last year.

BEVs (Battery Electric Vehicles): Sales of BEVs surpassed 1M units for the year, marking a 50.7% increase over the previous year.

CUVs (Crossover Utility Vehicles): Accounted for 51.2% of all new vehicle sales in November 2023.