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Automotive Industry:United States: Difference between revisions
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!Index % MoM | !Index % MoM | ||
!Index % YoY | !Index % YoY | ||
|- | |||
|Feb-24 | |||
|203.8 | |||
|18,645 | |||
| -0.1% | |||
| -13.1% | |||
|- | |- | ||
|Jan-24 | |Jan-24 | ||
| Line 677: | Line 683: | ||
|3.3% | |3.3% | ||
|} | |} | ||
=== February 2024 === | |||
==== Used ==== | |||
* The Manheim Used Vehicle Value Index (MUVVI) fell to 203.8, a decline of 13.1% from a year ago. The index was down 0.1% against the month of January 2024. The seasonal adjustment magnified February’s results. <ref>https://www.coxautoinc.com/market-insights/february-2024-muvvi/</ref> | |||
* Over the month of February, daily MMR Retention, which is the average difference in price relative to the current MMR, averaged 99.9%, meaning market prices were just below MMR values but moved higher than January. | |||
* The average daily sales conversion rate increased to 61.0%, which indicates that demand was improving relative to January, normal for this time of year. For comparison, the daily sales conversion rate averaged 58.6% in February during the last three years. | |||
==== New ==== | |||
* The average transaction price of a new vehicle in February declined 0.1% from January to an initial estimate of $47,244, which was the lowest average price since April 2022, according to Kelley Blue Book<ref>https://www.coxautoinc.com/market-insights/auto-market-weekly-summary-03-11-24/</ref> | |||
* The average price relative to the average manufacturer’s suggested retail price (MSRP) moved down to 96.9%, which was the lowest level since March 2021. The average price was down 2.2% from a year ago. The average MSRP increased 0.1% in February from January but was down 0.4% year to year. | |||
* The average incentive spend from manufacturers increased by 4% to $2,808, which was up 88% from a year ago. Incentives as a percentage of average transaction price increased to 5.9%, the highest level since July 2021. | |||
=== January 2024 === | === January 2024 === | ||