November 2021 Automotive Market Update

November 2021 Automotive Market Update

• Activity on the lanes slowed down last week, with the Thanksgiving holiday reducing the availability of inventory and the number of buyers actively bidding.
• Some consignors are known to save their inventory for after the holiday, so we anticipate an increase in volume on the lanes this week.
• On a volume-weighted basis, the overall Car segment increased +0.13%. For reference, the previous week, cars increased by +0.70%.
• The volume-weighted, overall Truck segment increased +0.21%, compared to the prior week’s increase of +0.61%.
• The weekly estimated average sales rate declined to 67% this week, after remaining stable at the 70% mark for the past 2 weeks in a row. This time last year, the estimated average weekly sales rate was around 54%.
• As we head into the last month of the year, used retail listings have stabilized around 17% below where we started the year.
• Days-to-turn for used retail listings have slightly increased and now sits just above 38 days, which is still lower than what is typically expected.

Activity on the lanes slowed down last week, with the Thanksgiving holiday reducing the availability of inventory and the number of buyers actively bidding. Some consignors are known to save their inventory for after the holiday, so we anticipate an increase in volume on the lanes this week.

Retail (Used and New) Insights

• GMC announced deliveries of the Hummer Edition 1 – the all-electric truck variant with a 329-mile range – will begin this month.
• Nissan unveils $18B electric-style strategy called “Nissan Ambition 2030” with 23 new electrified vehicles, including 15 EVs, across Nissan and Infiniti brands.
• Genesis revealed their Electrified GV70 at the Auto Guangzhou show – the luxury crossover boasts a peak output of 483 hp.
• Porsche announced plans to develop a new PHEV flagship model that is “part sedan, part crossover” with 3 rows.
• Tesla is scheduled to start production of the Model Y at their new Berlin giga factory this month.
• Kia revealed the second-generation Niro at the Seoul Mobility Show – the crossover is now available as a hybrid or full EV.
• Rivian plans to begin deliveries of their seven-passenger 2022 R1S electric SUV in January.
• An independent test by InsideEVs found that the Lucid Air charges more quickly than Tesla’s Model S or Porsche’s Taycan.