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New-vehicle sales in January are expected to reach 1.01 million units, a drop of 8.9% compared to January 2021, according to a forecast released today by Cox Automotive.
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Used-vehicle prices at wholesale, dealer-only auctions ended 2021 at 48.1% higher on average than December 2019 and 34.8% higher than December 2020, according to KAR Global.
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Weekly declines continued last week, but the rate of decline is still less than is typically experienced this time of year. Sellers are holding firm to floors, and we have yet to see conversion rates return to pre-holiday levels.
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The 12th annual Cox Automotive Car Buyer Journey Study reveals that overall car buying satisfaction remains at a near-record level, with the number of highly satisfied buyers higher than before the pandemic.
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Luxury car brands, such as Rolls-Royce, Bentley, Porsche and BMW saw record sales in 2021.
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The declines are continuing to close out the second week of 2022 with majority of segments reporting drops in valuations.
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Moving into 2022, NADA anticipates new-vehicle sales of 15.4 million units – an increase of 3.4% from 2021.
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The year is starting off with declines in many segments, but it remains to be seen if we reached the peak of increases before the holidays or if we will return to increasing values as the market prepares for spring.
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New light-vehicle sales totaled 14.93 million units in 2021, up 3.1% from 2020’s 14.47 million. December 2021’s SAAR totaled just 12.44 million units, down 23.7% from December 2020.
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The lowest sales recorded in December went to Toyota Motor Corp., Honda Motor Co., Hyundai and Kia, which posted sales drops for the fifth consecutive month.
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