Cox Automotive is restating its “optimistically realistic” outlook for the used car market in 2024, warning against assuming that first-half continue to the year-end.
The company’s latest Insight Quarterly report presents a revised forecast, predicting a modest slowdown in the third and fourth quarters, driven by a combination of factors that are expected to dampen both wholesale supply and consumer demand.
Despite the anticipated deceleration, Cox Automotive’s updated forecast projects a slight increase in the total number of transactions for the year.
The company now expects 7,434,709 transactions to be completed by year-end, marginally higher than its previous forecast.
This figure represents a 1.2% increase from its earlier projection, a 2.7% rise compared to 2023’s total transactions, and a 0.8% uptick from the 2001-2019 average.
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