Economic Outlook:

  • Consumer prices were unchanged in October, the slowest monthly growth since July 2022. The Consumer Price Index rose 3.2% over the past 12 months,
  • Retail sales edged down 0.1% in October, pulling back slightly and ending six straight months of growth.
  • While consumer spending continues to provide resilience to the U.S. economy, Americans hit the pause button on spending in October. More than likely, the steady stream of bad news left consumers in a bit of a funk, with some hesitance to open their pocketbooks more amid many challenges.

 

Wholesale Market Trends Source

  • Wholesale values decreased again in the 1st half of November as values have been lower over the last 6 weeks.
  • Since the beginning of the month, sales conversion has risen as demand begins to firm up while MMR Index values accelerated their declines over the last several weeks.
  • The market has been depreciating more than is normal at this time of year.
  • The wholesale market supply remains tighter than last year and against 2019 levels.

 

Service Stats: Source

  • In October, the Repair Order Volume Index increased to 85.7, up 2.9% from September and down 2.7% from October last year. This is the lowest October repair order volume in the past five years.
  • The Repair Order Revenue Index for October increased by 6% from September. This index shows a 3.4% increase year over year and a significant 32.8% increase from October 2019.
  • In addition, due to the lack of usage of automobiles during the pandemic, the requirement for car maintenance has increased by 62.3% making 2024 look to be very opportunistic for our fixed ops departments.

 

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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