Consumers are starting to see the light at the end of the automotive market’s long, dark tunnel. New data from Cox Automotive shows that these economic improvements are sparking renewed activity in both new and used car markets, with retail sales surging compared to last year.
The Index of Consumer Sentiment from Morning Consult reported a 4.6% increase so far in November, continuing a steady rise over the last five months. The impact is clear: automotive sales were up significantly in October. Yet, new car inventory continues to grow, underscoring the need for greater incentives from automakers. October saw car sales up 13% compared to the same period last year, a clear sign of market recovery.
