Economic Outlook: Source

Tax refund season is underway and already running seven processing days behind last year. Through last week 25% fewer refunds have been issued with the average refund showing an increase of 2% at $3,207.

Jobless claims so far this year are not showing any substantial change in trend, reflecting limited stress in the labor market keeping the Feds patient on cutting rate policy.

 

Manheim Wholesales Market Source

  • Week over week three-year-old values increased 0.3%.
  • Luxury increased 0.1% and non-luxury increased 0.4%.
  • Wholesale values increased for all ages of vehicles; older model years increased the most.
  • Lane efficiency increased ~3% pts weekly and ran close to 2023 levels.

Manheim Wholesales to Retail Trending: Source

  • Despite low inventory, used retail sales continue at a strong pace. Days’ supply dropped to 37.
  • Retail prices dropped some last week, and spreads continue to drop due to stabilizing wholesale values and dropping retail prices.
  • Total average % spread decreased by 0.78% from 20.37% last week to 19.59% this week.

 

Service Trending:

Repair order volume is down 17.6% vs this time in 2019.

Repair order revenue is up 37% vs this time in 2019.

 

 

 

 

John Ellis CEO & Founder of The Automotive Advisor Team, LLC

Author: John Ellis

Founder & CEO The Automotive Advisor Team, Inc. BEVEveryting, Inc. Double E Consulting, Inc.

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