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The team at Kelley Blue Book has assembled two broad reports from the first quarter: One is a look across industry-wide U.S. sales in Q1, the other a narrow review of electrified vehicle sales in the U.S., the combined sales of hybrids, plug-in hybrids and EVs.
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The industry saw 14.3% month over month growth, but CPO sales still fell 23.3% short of 2021 sales for the same month.
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Manheim Market Report values saw weekly price increases that accelerated in each full week of March after the first week saw the smallest decline thus far this year.
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The U.S. auto industry has no shortage of buyers currently, but it lacks the inventory to satisfy them.
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March U.S. auto sales, when reported on Friday, will show a notable drop from last March as the market remains significantly constrained by lack of supply.
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February’s CPO result is the highest since October 2021 and interrupts a six-month downward trend.
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Facing a slow start to the year, and with concerns over inflation and the economy, automobile dealer sentiment softened in Q1, marking the third consecutive quarter-over-quarter decline in current market sentiment.
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New-vehicle sales volume has been averaging just over 1.05 million each month since last August, and this February is not expected to buck the trend.
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In the most recent Auto Market Report video, Cox Automotive Chief Economist Jonathan Smoke notes that 2022 has started slower for the U.S. economy and for vehicle sales.
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Tesla’s Model Y could overtake BMW as the top-selling luxury model when its plant opens in Texas.
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