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- Lease rates and residual values are available for all brands. 11/19/2020
- Lease rates and residual values are now available for Chrysler, Dodge, Fiat, Hyundai, Jeep, and Volkswagen. 11/17/2020
- CPO incentives are now available for all brands. 11/16/2020
- Lease price points are now available for Hyundai and some Toyota regions. 11/16/2020
- Lease rates and residual values are now available for Buick, Chevrolet, GMC, Honda, Lincoln, Maserati, Mazda, Nissan and Subaru. 11/16/2020
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The MIS Query tools have been updated with restated Mitsubishi sales results for October 2020.
2020 MKZ, 2020 MKZ HYBRID: Enhanced its 'Lincoln Wish List Dealer Challenge' stairstep program to have sales of MKZ and MKZ Hybrid count double towards the program objective. Effective 11/24/2020 on MKX and MKZ Hybrid.
2021 COROLLA: Doubled lease cash to $1,000 in its Cincinnati region. 2021 COROLLA HYBRID, 2020 HIGHLANDER HYBRID, 2021 PRIUS PRIME: Added $500 bonus cash in its San Francisco region. Effective 11/20/2020 on Corolla, Corolla Hybrid, Highlander Hybrid and Prius Prime.
2020 ACCORD, 2020 ACCORD HYBRID: Added $500 dealer cash that is compatible with all offers. Effective 11/24/2020 on Accord and Accord Hybrid.
2021 CHEROKEE, 2021COMPASS: Added $750 lease bonus cash on Cherokee Latitude Lux 4WD and Compass 80th 4WD / Latitude 4WD in Iowa, Minnesota, Nebraska and Wisconsin. 2020 GRAND CHEROKEE: Rolled out $1,000 retail bonus cash on Laredo trim in its Southeast region. Effective 11/24/2020 on Cherokee and Compass.
2020 RAM PICKUP 2500 / 3500: Added $1,000 bonus cash on Limited, Laramie and Longhorn trims. 2021 RAM PICKUP 1500: Introduced $500 lease bonus cash on Crew Cab Big Horn / Lone Star in Iowa, Minnesota, Nebraska, North Dakota, South Dakota and Wisconsin. Effective 11/24/2020 on Ram Pickup 1500, Ram Pickup 2500 / 3500.
- It was the worst of times, it was the best of times
To butcher a classic quote from Charles Dickens, "It was the worst of times, it was the best of times." That perfectly describes how the COVID-19 pandemic has gone for the auto industry. As the United States shut down earlier this year, dealerships closed and new vehicle production came to a screeching halt. This created significant financial stress for most companies in the auto sector, from dealerships to manufacturers. However, once the country began to open back up, consumers flush with stimulus cash and a sudden dislike for mass transit and ride sharing, ran to dealerships in droves to buy new and used vehicles. For the second consecutive month, U.S. light vehicle sales rose year over year. Perhaps more importantly for dealerships and automakers the low level of new vehicle inventory has increased their pricing power tremendously. Large public dealer groups are setting quarterly earnings records and manufacturers have been able to cut back on costly incentives. October 2020 represents the first month this calendar year that automakers spent less on incentives year-over-year. Specifically, according to Motor Intelligence estimates U.S. manufacturers spent $3,705/unit on incentives in October 2020, down 4.8% versus October 2019 and 16% lower than the peak incentive level at the beginning of the pandemic. Motor Intelligence on 11/03/2020
- Expect Lower Than Normal Incentive Spending in Q4 2020
The impact of the COVID-19 pandemic continues to be felt by the auto industry. Signs are pointing towards more muted year-end incentive spending increases by manufacturers in 2020 as they struggle to increase dealer inventory. In Q4 2019, automakers increased their U.S. light vehicle incentive spending by 10.7%. We expect the increase to be lower than that this quarter. There's no need to spend money on costly incentives when the supply of new vehicles is tight and dealers can sell what they have for closer to full MSRP than traditionally has been the case. Motor Intelligence on 10/22/2020
- September 2020 Incentive Spending Remains Flat
For the third consecutive month, U.S. light vehicle spending was essentially flat month-over-month. In September 2020, auto manufacturers spent an estimated $4,020/unit on incentives, up 0.2% from August 2020 and up only 1.0% year-over-year. Once again, pandemic-created supply constraints are the dominant factor for OEMs. There's no need to roll out aggressive model year clearance incentives when there's few vehicles to sell. The biggest spenders in terms of incentives, the Traditional Big 3 domestic, have a sub-50 day supply of new vehicles, more than 20% lower than at this time last year. Until the supply situation improves, we don't expect to see any meaningful increase in incentive spending. This may significantly mute the seasonal year-end incentive spending surge that normally occurs. Motor Intelligence on 10/01/2020
- August 2020 Incentive Spending Flat as Low Inventory Continues to Plague Manufacturers
With dealer inventory at its lowest level in years, manufacturers continued to be conservative with incentive spending in August 2020. Spending for the month came in at $4,010/unit, essentially flat from July 2020 and up slightly more than 1% from the same period a year ago. Incentive spending in August was nearly $300/unit lower than it was at the start of the pandemic. Spending in September will be a tug of war between enhanced Labor Day offers and a slowly increasing mix of 2021 models. Given that Labor Day weekend is included in September 2020 when it wasn't during the same period a year ago we expect spending for the period to be higher year-over-year once again but more than likely fairly flat versus last month. If manufacturers are finally able to get the inventory situation under control, look for spending to begin to creep higher in late fall 2020.. Motor Intelligence on 09/01/2020
- U.S. Certified Pre-Owned Vehicle Sales Rise in July 2020
Certified Pre-Owned vehicle sales continued their upward trajectory in July 2020 with an estimated 254,982 units sold in the United States, up 7.8% from July 2019. Despite the gain in July, CPO sales are still down 8.8% year-to-date. During the month Acura, Subaru and Toyota all posted new all-time highs. Off-lease returns, which stalled in March and April, are accelerating as extensions expire, building supply. The lack of new vehicle inventory has created strong demand for used vehicles. Motor Intelligence on 08/04/2020
- New Recalls, Class Action Lawsuit, Add to Tesla Quality Woes, Raise New Questions About Long-Term
Nearly 10,000 Tesla Model X and Model Y SUVs are being recalled for a series of safety-related defects underscoring the automaker’s ongoing problems with quality and reliability. Tesla has faced an array of issues affecting its four product lines, ranging from defective paint to faulty suspension systems and failing touchscreens used to control vehicle operations. Federal safety regulators recently launched a probe into one of the problems, while Consumer Reports and J.D. Power have slammed Tesla for having some of the worst quality and reliability in the industry. The automaker was also hit with a class-action lawsuit alleging a quality cover-up on Friday. Those problems have largely been ignored by Wall Street, however, Tesla’s market capitalization now topping $525 billion, or about the same as Toyota, Volkswagen, General Motors, Nissan, Honda and Daimler combined... The Detroit Bureau on 11/25/2020
- Cox Automotive November Forecast: Seasonality Weakens U.S. Auto Sales After Months of Recovery
U.S. auto sales for November are expected to show a market that is now weakening after months of recovery from April's historic low seasonally adjusted annual rate (SAAR). The sales pace for light vehicles is expected to fall to 15.8 million this month, down from last year's 17.0 million pace, but more importantly down from last month's 16.2 million level... Company Press Release on 11/24/2020
- Used-car sales appear to slow in November
You can expect November to finish with 3 million used-vehicle sales, according to the latest forecast from ALG and TrueCar, which would mark a 1% year-over-year decline. The drop from October would be even more pronounced (11%)... Auto Remarketing on 11/24/2020
- Another gift from 2020: Car buyers seeking Black Friday deals likely out of luck this year
The coronavirus pandemic is ending yet another annual holiday tradition for shoppers in 2020: Black Friday deals on new cars. Instead of offering the steep discounts to clear out older inventory, many automakers are having a hard time resupplying dealer lots with enough inventory after shutting down factories earlier the year to try to curb the outbreak this spring. That’s left a backlog of pent up demand, especially for hot-selling SUVs and pickup trucks... CNBC on 11/23/2020
- Outlook for Auto Industry Looks Promising in 2021
Despite the continuing pain from the pandemic, signs point to a solid rebound in sales and production of new vehicles in 2021 and 2022, according to economists from the University of Michigan. Economists presenting at U-M’s 68th annual economic outlook conference, which is closely watched by automakers, noted this week the recovery in the sales from the slump created by the pandemic earlier this year through the late summer and fall have created the momentum to continue the upturn in 2021 and beyond. Daniil Manaenkov, a U.S. forecasting specialist who was part of the panel that presented the forecast during the annual conference, said outlook is for new vehicle sales to climb to 16.3 million unit in 2021, up from the final estimate of 14.5 million in 2020 after a strong finish... The Detroit Bureau on 11/23/2020
- Chinese EV rivals line up to challenge Tesla on their home turf
Chinese Tesla rival Nio recently reported forecast-beating earnings results, while profits at recent IPO Xpeng also came in ahead of Wall Street analyst estimates. China’s market may grow faster than the U.S., especially if a Biden administration does not restore EV credits, but Tesla is poised to succeed in China, where as much as 40% of its sales may soon be... CNBC on 11/23/2020
- Dealer Lots Have Fewer Cars—and the Industry Likes It That Way
...For months, dealer stocks have been running about 25% thinner than normal, a hangover effect from two months of pandemic-related factory closures last spring. The shortfall is requiring many buyers to order their cars and wait a few weeks, running counter to the American car shopper’s desire for instant gratification, and dealers’ impulse to send the customer home in a new car that day. That change may outlast the pandemic as industry executives find that stocking fewer cars, amid high demand, has lifted profits for car companies and dealers alike. Now both are talking about carrying fewer vehicles on the dealership lot permanently, in what would mark a monumental shift in the way cars are sold in the U.S... The Wall Street Journal on 11/22/2020
- These 11 EV Startups Are Chasing Tesla. They Can’t All Win
The race is on to become the next Tesla Inc. Tens of billions are riding on the outcome. Investors from Wall Street to the Motor City are betting that a field of electric-car startups can emulate the rise of Elon Musk, who sits at the wheel of a company that is on track to sell 500,000 battery-powered vehicles this year and turn its first-ever annual profit. His Tesla—scheduled to join the S&P 500 next month—is now more valuable than Toyota Motor Corp., Volkswagen, General Motors Co. and Ford Motor Co. combined... The Wall Street Journal on 11/20/2020
- Daimler Teaming Up with Volvo Parent Geely to Build Hybrid Powertrains
Daimler AG will partner up with Volvo parent Geely to develop a new “highly efficient” hybrid powertrain that could be used by their various brands. Both manufacturers have laid out plans to rapidly increase production of electrified vehicles, strategies driven by increasingly stringent government emissions and fuel economy mandates around the world. The two companies said they will work together on the development of a hybrid powertrain to be produced both in Europe and China and, they said in a joint statement, “The export of the engine from China is considered to be an option.”... The Detroit Bureau on 11/20/2020
- VW ID4 U.S. launch slips into Q1
The U.S. rollout of the Volkswagen ID4 has been delayed from late December until late in the first quarter of 2021, in part to shift output of the electric compact crossover to markets in Europe, where the company is facing large fines for not hitting emissions targets, Automotive News has learned. Originally, VW planned to begin delivering at least a few ID4 models in California and other zero-emissions vehicle states before the end of the year, with a 50-state launch across its network of 650 U.S. dealerships planned for the first half of 2021. It will now launch the ID4 across the U.S., instead of just ZEV states, with initial deliveries slated for March, according to sources familiar with the plan... Automotive News Europe on 11/20/2020
- Cox Automotive and Moody's Analytics Launch Vehicle Affordability Index
In the early stages of the pandemic, affordability improved as incomes were supported by the Coronavirus Aid, Relief, and Economic Security (CARES) Act in the form of stimulus payments and enhanced unemployment benefits, while interest rates declined, and incentives peaked in the new vehicle market. However, affordability has been declining as average transaction prices continue to rise, and household income has fallen... Company Press Release on 11/17/2020
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