Used-Car Market Levels Out Amid Softening Trade-In Values and Increased Inventory
Cars.com Inc. (NYSE: CARS) (d/b/a “Cars Commerce.”), an audience-driven technology company empowering the automotive industry, outlines shifts in the automotive industry in its August Industry Insights Report. This comprehensive report, crafted by Cars Commerce’s expert data analysts, delves into macro and micro automotive market insights by analyzing supply, demand, pricing and consumer behavior data from across the company’s platform, including Cars.com®, Dealer Inspire® and Accu-Trade®.
https://mma.prnewswire.com/media/2248391/Cars_Commerce_Logo.jpg
“August marks another milestone in the automotive industry’s return to normalcy. After nearly two years of tight inventory levels and inflated prices, we’re seeing more balance between supply and demand, especially as new-vehicle prices level out,” said Rebecca Lindland, senior director of industry data and insights at Cars Commerce. “Brands like Ford, Chevrolet and Honda are well positioned and leading with the right inventory mix to meet demand. We’re heading toward a more predictable automotive market as available supply, and now the Federal Reserve’s recent interest rate cut offers more consumers a reason to come off the sidelines and purchase.”
Supply Growth Drives Market Stability
Brands like Ford, Chevrolet and Honda experienced notable increases in inventory compared to 2023. Ford saw 50% year-over-year inventory growth, led by high-demand models like the F-250, Escape and Bronco. Chevrolet wasn’t far behind with 47% year-over-year growth, buoyed by the rollouts of the new-to-market Blazer EV and Equinox EV. Honda rounded out the top three with a staggering 74% inventory increase year over year, driven by popular models like the CR-V, HR-V and Pilot.
Used-Car Market Stabilizes as Trade-In Values Soften
The used-car market is experiencing less year-over-year volatility with supply and demand. Used-car prices fell 5% year over year, while average prices have remained relatively flat since April. Trade-in values have also softened. Dealers are holding inventory longer — 53 days on average — as consumers wait for better pricing. Despite the slow turnover, used-vehicle inventory is down 13% compared to five years ago. However, there are some areas of growth: Vehicles priced under $20,000 increased 19% year over year.
Pricing volatility continues to plague used EVs, with Tesla (down 22%) and Rivian (down 19%) accounting for two of the top four highest declines in trade-in values among luxury EV brands.
To download the full report, visit www.carscommerce.inc.
*Inventory, searches and list price on Cars.com.
ABOUT CARS COMMERCE™
Cars Commerce™is an audience-driven technology company empowering the automotive industry. Cars Commerce™ simplifies everything about car buying and selling with powerful products, solutions and AI-driven technologies that span pretail, retail and post-sale activities – enabling more efficient and profitable retail operations. The Cars Commerce™platform is organized around four industry-leading brands: the flagship automotive marketplace and dealer reputation site Cars.com®, award-winning technology and digital retail technology and marketing services from Dealer Inspire®, essential trade-in and appraisal technology from Accu-Trade®, and exclusive in-market media solutions from the Cars Commerce Media Network. Learn more at www.carscommerce.inc.
https://c212.net/c/img/favicon.png?sn=CG10404&sd=2024-09-19
View original content to download multimedia:https://www.prnewswire.com/news-releases/cars-commerces-industry-insights-report-shows-a-stabilizing-market-ford-chevrolet-and-honda-drive-balanced-new-car-inventory-levels-in-august-302252701.html
SOURCE Cars Commerce
https://rt.newswire.ca/rt.gif?NewsItemId=CG10404&Transmission_Id=202409190730PR_NEWS_USPR_____CG10404&DateId=20240919
COMTEX_457913371/1005/2024-09-19T07:30:28