Cox Automotive's forecast for October indicates an annual vehicle sales pace of around 15.8 million, showing a substantial increase compared to the previous October's pace of 14.7 million and a slight uptick from September's level of 15.7 million. In terms of sales volume, October is expected to witness a 3.8% growth from the same month last year, reaching 1.23 million units. However, there is an anticipated 7.7% decrease from September due to one less selling day in October. Notably, the ongoing United Auto Workers (UAW) strike has not yet significantly impacted overall new-vehicle sales.
Automotive design is not just about creating a machine; it's about capturing the essence of motion and turning it into a work of art. – Dr. Mechanic
Charlie Chesbrough, a senior economist at Cox Automotive, acknowledges the challenges in the market, including concerns about high interest rates, the possibility of an economic recession, and the UAW strike. Despite these obstacles, new-vehicle sales continue to surpass last year's constrained market. The growth is attributed to increased inventory levels in the industry.
Despite the UAW strike affecting production at some assembly plants, the impact on consumers in the showroom has been limited. The industry's inventory levels are much higher compared to the previous year, supporting relatively healthy new-vehicle sales.
Cox Automotive Overview
Cox Automotive is a prominent provider of automotive services and technology, utilizing vast data resources to offer tailored solutions for various automotive stakeholders, from car shoppers to dealers, automakers, lenders, and more. It operates globally, serving a wide range of brands under the Cox Enterprises Inc. umbrella.
