Car shoppers aren't the only ones concerned about the economy these days. So too are auto dealers. A new study from Cox Automotive finds that dealers aren't feeling too optimistic either due to high interest rate concerns and the overall economy.
Researchers say the market index outlook falls again in the latest Cox Automotive Dealer Sentiment Index (CADSI) study, indicating tthat a majority of U.S. dealers feel the market will be weak and not strong in the coming three months.
The survey also notes that there is intensifying price pressure, as new vehicle inventories rise and affordability issues increase as well.
Here are the top factors U.S. dealers indicate are holding back business:
|
Top Factors Holding Back the Business |
Overall Rank |
Q3 2023 Percentage |
Q3 2022 Percentage |
|
Interest Rates |
1 |
61% |
35% |
|
Economy |
2 |
54% |
53% |
|
Market Conditions |
3 |
41% |
48% |
|
Limited Inventory |
4 |
37% |
56% |
|
Credit Availability for Consumers |
5 |
33% |
18% |
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