The Automotive Market Insights provides comprehensive monthly analyses of the US automotive market, leveraging extensive data on vehicle pricing derived from hundreds of thousands of new and used vehicle listings. Our insights are based on Automotive Market Data and help illuminate pricing shifts and emerging trends, empowering stakeholders with actionable market intelligence.
In March 2024, market dynamics reflected a promising trajectory in new inventory supply, evidenced by a robust +6% increase in new car inventory. Conversely, the used inventory experienced a 7% decline during the same period.
Notably, the pricing landscape for used cars has seen a gradual cooling trend, with the average overall price settling at $23K. Conversely, price points for new vehicles witnessed a modest uptick of 1.7%, driven by market strength and heightened demand for new inventory.
Despite these positive metrics, a noticeable downturn in sales volume emerged towards the latter part of the month, warranting further scrutiny and strategic adaptation for industry players.