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Consumer attitudes about the necessity of vehicle ownership are gradually changing, according to Cox Automotive's mobility study. Access to mobility is necessary but owning a vehicle is not, according to 39% of respondents, which represents a 4% increase over 2015 results.
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Mass adoption of autonomous vehicles should begin ramping up in 2023 and will ultimately drive a shift in vehicle ownership from consumers to larger mobility service providers with large fleets of battery-electric, autonomous vehicles, according to a new study from Cox Automotive.
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Cox Automotive has established a new mobility services unit that combines existing businesses, such as its Flexdrive subscription service, with its acquisition of Clutch Technologies' subscription software platform to deliver fleet management solutions for mobility fleets, the company has announced.
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The initiative began in 2014, when the company first announced that its $400 million multiple-year project to transform its auction operations. In that time Manheim brought enhancements to both its physical and digital properties.
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Used-vehicle sales will rise and new-vehicle sales will fall in 2018, while total sales will reach 56.2 million, which would represent a second year of declines for the automotive industry, according to a Cox Automotive forecast.
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Fleet mainstays such as pickups and vans are expected to perform well at wholesale this year. Higher-end vehicles, such as those found in executive fleets are expected to struggle.
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This wave of off-lease vehicles is expected to be one of the biggest threats that the new-vehicle industry will face this year and the next. And, it won’t just be the sheer volume of relatively new, low-mileage vehicles that will pose a risk to the new-industry; it’ll be the types of off-lease vehicles returning to market that will present the biggest hurdle.
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The used vehicle market should grow about 1% in 2018 bolstered by a federal tax cut and influx of utility vehicles, while new vehicle sales are expected to remain flat, according to Cox Automotive's senior economist.
Read More →Managing strategic partnerships and industry relationships requires that Jay Hicks of Cox Automotive keep up with trends such as the continued move toward digital operations.
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Franchise dealers now view the used car market more optimistically than the new vehicle market, according to a new sentiment index from Cox Automotive. The finding speaks to the current shift of car buyers with prime and subprime credit toward the used market.
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