What’s Happening in the Auto Market?

Hey there, let’s talk about what’s been happening in the auto market recently. Used-vehicle sales have slowed down, and wholesale prices have dropped. People are still spending money they don’t have, and they’re worried about inflation. In October, used-vehicle sales were down 2% compared to September, and they were 4% lower than last year. Certified pre-owned (CPO) sales were also down 10% from September. Wholesale vehicle values improved in August and September but went back down in October. The decline in October led the index down to 209.4, down 4.0% from a year ago. Consumers are still borrowing money, and access to auto credit improved in October. However, credit access remained tighter than a year ago. Consumers are concerned about inflation, and their views of vehicle buying conditions have declined. The University of Michigan’s index has been down, but Morning Consult’s daily index showed a modest increase. Gas prices have gone down, which might be good news for consumers. So, that’s the latest in the auto market. Stay tuned for more updates!