Connected Car
In its February forecast, Cox Automotive revealed expectations for new light vehicle sales to grow 3.9% from January and 4% from the same time last year. January’s performance was unseasonably strong, connected to a sudden increase in retail activity, but, citing high auto loan rates and affordability, Cox Automotive expects overall vehicle sales to fall roughly 8% in February. However, new light vehicle sales expected to climb both year-over-year and month-over-month to 1.105 million, 4% more than February 2022, and 3.9% more than January 2023. Despite the positive forecast for light vehicle sales, the report notes that limitations to consumer demand and vehicle values are still preventing a full-scale recovery. Record-high new vehicle prices, high monthly auto loan payments and other financial headwinds have prevented buyers from returning to the market.