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Auto Industry Outlook for 2023 with Jonathan Smoke
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What can auto lenders and dealers expect this year? Join us as Jonathan Smoke, chief economist for Cox Automotive, discusses the current slump in used retail vehicle sales and auto loan performance, his predictions for this year’s vehicle sales, as well as the industry’s bright spot, EVs. But first, we start this episode with a 3-minute economic update from David Fieldhouse, director of Consumer Credit Analytics at Moody’s Analytics.
Highlights:
:30 – Economic update from David Fieldhouse, director of Consumer Credit Analytics at Moody’s Analytics
3:35 – Jonathan Smoke reveals what the auto market has in common with Michael Jackson’s hit Beat It from the 1980’s
6:17 – Why this year’s outlook is “not bullish”
10:18 – U.S. supply chain and production is performing better than other regions in the world
12:10 – Biggest challenge for lenders and dealers this year
14:41 – How affordability is affecting the auto market
19:10 - Implications for subprime consumers
23:40 - Will the emphasis on online shopping continue?
27:15 - The EV market is the positive part of the market
32:30 - What is the industry missing or not thinking about that they should?
Resources:
Learn more about Cox Automotive and check out Jonathan Smoke's column, Smoke on Cars
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Learn more about our Market Pulse podcast, and contact us at marketpulsepodcast@equifax.com
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