COX AUTOMOTIVE AUTO MARKET REPORT

Translating Data and Trends into Actionable Insights

July 20, 2021

COVID-19 DAILY CASE AND VACCINATION TRENDS

Source: Cox Automotive

CONTINUING CLAIMS AT 3.2 MILLION NATIONALLY

Source: Department of Labor

ACTIVITY INCREASED LAST WEEK AND FULLY RECOVERED IN SEVERAL STATES

Source: Moody’s Analytics and CNN Business

CONSUMER SENTIMENT DECLINED LAST WEEKMorning Consult’s Index of Consumer Sentiment on Monday was down 14.9% since February 29, 2020

Source: Morning Consult

113.3

81.23

89.53

101.08100.16 99.96

96.44

60

70

80

90

100

110

120

1/1/20 2/1/20 3/1/20 4/1/20 5/1/20 6/1/20 7/1/20 8/1/20 9/1/20 10/1/20 11/1/20 12/1/20 1/1/21 2/1/21 3/1/21 4/1/21 5/1/21 6/1/21 7/1/21

ICS Value (7-Day Average)

SENTIMENT SHIFTS DOWN ACROSS MARKETS

Since February 29, 2020 Since July 12, 2021

Source: Morning Consult

RETAIL SALES ESTIMATES

Source: Cox Automotive

-60.0%

-50.0%

-40.0%

-30.0%

-20.0%

-10.0%

0.0%

10.0%

20.0%

2021 and 2020 % Change vs. 2019 in Retail Sales by Week

New Y/Y 20 Used Y/Y 20 New 21/19 Used 21/19

ZERO PERCENT FINANCING UP SO FAR IN JULY

Source: Cox Automotive

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

Jan-

18

Feb

-18

Mar

-18

Ap

r-18

May

-18

Jun

-18

Jul-

18

Au

g-18

Sep

-18

Oct

-18

No

v-1

8

Dec

-18

Jan-

19

Feb

-19

Mar

-19

Ap

r-19

May

-19

Jun

-19

Jul-

19

Au

g-19

Sep

-19

Oct

-19

No

v-1

9

Dec

-19

Jan-

20

Feb

-20

Mar

-20

Ap

r-20

May

-20

Jun

-20

Jul-

20

Au

g-20

Sep

-20

Oct

-20

No

v-2

0

Dec

-20

Jan-

21

Feb

-21

Mar

-21

Ap

r-21

May

-21

Jun

-21

Jul-

21

0% APR Finance Share

RETAIL INVENTORY NOT IMPROVING FOR NEW

Source: Cox Automotive

0

20

40

60

80

100

120

140

160

180

2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32 34 36 38 40 42 44 46 48 50

New Days’ Supply

2019 2020 2021

0

10

20

30

40

50

60

70

80

90

2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32 34 36 38 40 42 44 46 48 50

Used Days’ Supply

2019 2020 2021

WHOLESALE SEES DECLINE FROM SPRING PEAK

Source: Cox Automotive

-15.00%

-10.00%

-5.00%

0.00%

5.00%

10.00%

Jan-

97

Jul-

97

Jan-

98

Jul-

98

Jan-

99

Jul-

99

Jan-

00

Jul-

00

Jan-

01

Jul-

01

Jan-

02

Jul-

02

Jan-

03

Jul-

03

Jan-

04

Jul-

04

Jan-

05

Jul-

05

Jan-

06

Jul-

06

Jan-

07

Jul-

07

Jan-

08

Jul-

08

Jan-

09

Jul-

09

Jan-

10

Jul-

10

Jan-

11

Jul-

11

Jan-

12

Jul-

12

Jan-

13

Jul-

13

Jan-

14

Jul-

14

Jan-

15

Jul-

15

Jan-

16

Jul-

16

Jan-

17

Jul-

17

Jan-

18

Jul-

18

Jan-

19

Jul-

19

Jan-

20

Jul-

20

Jan-

21

Jul-

21

Manheim Index - % Change M/M

WHOLESALE USED PRICES CONTINUE DECLINING

Source: Cox Automotive

85%

90%

95%

100%

105%

110%

115%

120%

125%

130%

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52

MY 2018 Retail and Wholesale Price Index

2020 Retail Index 2021 Retail Index 2020 Wholesale Index 2021 Wholesale Index

SALES IMPACT VARIES BY DMA AS EVIDENCED BY UNIQUE CREDIT APPS

April 5, 2020 (vs same-week 2019) July 18, 2021 (vs same-week 2019)

Source: Cox Automotive

COX AUTOMOTIVE LEADING INDICATORS

• Leads in July through Sunday on Autotrader were down 12% y/y and on Kelley Blue Book were up 14%; compared to 2019, both were up. Leads on Autotrader are down so far in July from June, but Kelley Blue Book has seen growth.

• Dealertrack unique credit applications on same-store basis were down 11% y/y and down 18% against 2019 last week, and the weekly trend improved slightly

• Xtime saw a 1% increase y/y last week in consumers having their cars serviced; against 2019, appointments completed were down 10%, and the weekly trend improved