Vehicle supply seems to be less of an issue, while the effects on new-vehicle costs will manifest in the longer term.
During the last two weeks, Manheim Market Report (MMR) prices declined an aggregate of 0.3%, which was less than half of the normal decline for this time of year.
After a 41-year career at Cox Automotive, current CFO Mark Bowser will retire this year and Senior Vice President of corporate development Scott LeTourneau will take his place on September 19.
Amid a nationwide shortage of truck technicians and automotive mechanics, the fleet services division finds a way to keep and train enough vocational talent for long-term careers that meet maintenance demand.
The conversion rate indicates that the first 15 days of August saw buyers with more bargaining power for this time of year.
While the total supply of unsold used vehicles is down from the same time a year ago, they are up from the end of June.
The deal further positions Cox Mobility in the fleet maintenance sector and expands its servicing of light, medium, and heavy-duty trucks and trailers.
While inventory is up substantially compared to 2021 and 2022 levels, it remains low by historical standards.
Compared to the start of the year, transaction prices for new vehicles are down 1.7%, or $865, the largest January to June tumble in the past decade.
The Manheim Market Report values saw above-average declines that were relatively consistent, with values declining almost 4% in the last four weeks.
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