The Cox Automotive Industry Insights team shared their December 2022 car sales forecast this morning. New car inventory levels continue to improve, with car sales forecast to reach his 1.27 million this month. (According to the Kelley Blue Book team, he also had 1.27 million volumes in March.)
However, the prediction of a “strong” finish is relative. His 2021 is the only time in the last decade that his December sales have declined, and the market typically sees him trade over 1.5 million in the final month. He ends the year with the lowest volume in 10 years. Total sales in 2022 he is expected to fall below 14 million units. The last time the U.S. auto industry fell below his 14 million unit mark was in 2011, as the market emerged from the Great Recession.
full prediction Posted in Newsroom.
Are you worried about rising repo prices?
Before leaving for the holidays, there was some online chatter about rising auto loan defaults and a possible flood of repos in 2023. And indeed, both are on the rise. “Rising defaults and foreclosures are a normal and expected phenomenon in any economic cycle.”
The US economy is going through a cycle, with high interest rates weighing on the auto business. But Smoke doesn’t expect defaults and repos to headline next year. You can read his reasoning here: Do not panic!
Speaking of next year’s headlines, 10 predictions for 2023available at the Cox Automotive Newsroom.
I look forward to working with you in 2022. I look forward to working with you in 2023.