president, data & j.d. power auto analytics and chief
TRANSCRIPT
1Power Information Network │ ©2019 J.D. Power and Associates. All Rights Reserved. CONFIDENTIAL & PROPRIETARY—For Internal Use. 1©2019 J.D. Power. All Rights Reserved. CONFIDENTIAL & PROPRIETARY—For Internal Use. External publication is prohibited without J.D. Power consent. 1©2020 J.D. Power. All Rights Reserved. CONFIDENTIAL & PROPRIETARY—For Internal Use. External publication is prohibited without J.D. Power consent.1©2020 J.D. Power. All Rights Reserved. CONFIDENTIAL & PROPRIETARY—For Internal Use. External publication is prohibited without J.D. Power consent.
COVID-19:
J.D. Power Auto Industry Impact ReportJUNE 4, 2020
Webinar Dial-in: (562) 247-8422
Passcode: 289-175-474
https://register.gotowebinar.com/register/4653144609487918348
Thomas King
President, Data &
Analytics and Chief
Product Officer
Larry Dixon
Senior Director,
Valuation Services
Tyson Jominy
Vice President,
Data & Analytics
2Power Information Network │ ©2019 J.D. Power and Associates. All Rights Reserved. CONFIDENTIAL & PROPRIETARY—For Internal Use. 2©2019 J.D. Power. All Rights Reserved. CONFIDENTIAL & PROPRIETARY—For Internal Use. External publication is prohibited without J.D. Power consent. 2©2020 J.D. Power. All Rights Reserved. CONFIDENTIAL & PROPRIETARY—For Internal Use. External publication is prohibited without J.D. Power consent.2©2020 J.D. Power. All Rights Reserved. CONFIDENTIAL & PROPRIETARY—For Internal Use. External publication is prohibited without J.D. Power consent.
Agenda
1. Retail Sales Impact Through June 1
2. Used Market
3. Sales Outlook
4. Q&A
Appendix
3Power Information Network │ ©2019 J.D. Power and Associates. All Rights Reserved. CONFIDENTIAL & PROPRIETARY—For Internal Use. 3©2019 J.D. Power. All Rights Reserved. CONFIDENTIAL & PROPRIETARY—For Internal Use. External publication is prohibited without J.D. Power consent. 3©2020 J.D. Power. All Rights Reserved. CONFIDENTIAL & PROPRIETARY—For Internal Use. External publication is prohibited without J.D. Power consent.3©2020 J.D. Power. All Rights Reserved. CONFIDENTIAL & PROPRIETARY—For Internal Use. External publication is prohibited without J.D. Power consent.
1.
Retail Sales
Impact Through June 1
444©2020 J.D. Power. All Rights Reserved. CONFIDENTIAL & PROPRIETARY—For Internal Use. External publication is prohibited without J.D. Power consent.
Week Ending 3/8 3/15 3/22 3/29 4/5 4/12 4/19 4/26 5/3 5/10 5/17 5/24 6/1
Retail Sales -1% -14% -36% -59% -55% -50% -43% -38% -30% -23% -24% -24% -12%
-100%
-80%
-60%
-40%
-20%
0%
20%
4
IMPACT: Retail Sales Accelerated at Month End INSIGHT
MayMay retail sales were 1,036,000 units, a decline
vs. pre-virus forecast of 20% or 266,000 units.
Weekly Change vs. Forecast• March 08: -1% or 1,000 units
• March 15: -14% or 35,000 units
• March 22: -36% or 95,000 units
• March 29: -59% or 189,000 units
• April 05: -55% or 141,000 units
• April 12: -50% or 106,000 units
• April 19: -43% or 108,000 units
• April 26: -38% or 101,000 units
• May 03: -30% or 94,000 units
• May 10: -23% or 53,000 units
• May 17: -24% or 62,000 units
• May 24: -24% or 76,000 units
• June 01: -12% or 50,000 units
Retail Sales: Actual over/(under) Pre-Virus Forecast
KEY TAKEAWAY
The industry exited May with its strongest
performance since the COVID crisis began.
555©2020 J.D. Power. All Rights Reserved. CONFIDENTIAL & PROPRIETARY—For Internal Use. External publication is prohibited without J.D. Power consent.
Week Ending 3/8 3/15 3/22 3/29 4/5 4/12 4/19 4/26 5/3 5/10 5/17 5/24 6/1
Tampa 2% -16% -29% -24% -22% -24% -19% -20% 1% -25% -16% -17% 0%
Dallas 2% -13% -26% -38% -28% -28% -18% -10% -1% -11% -16% -11% -4%
San Francisco -1% -21% -71% -74% -67% -69% -67% -59% -46% -35% -36% -41% -12%
Detroit 10% 1% -19% -86% -99% -98% -83% -73% -59% -29% -30% -20% -14%
New York 0% -5% -30% -96% -88% -79% -74% -70% -63% -48% -39% -32% -20%
-100%
-80%
-60%
-40%
-20%
0%
20%
40%
60%
Week Ending 3/8 3/15 3/22 3/29 4/5 4/12 4/19 4/26 5/3 5/10 5/17 5/24 6/1
Tampa 2% -16% -29% -24% -22% -24% -19% -20% 1% -25% -16% -17% 0%
Dallas 2% -13% -26% -38% -28% -28% -18% -10% -1% -11% -16% -11% -4%
San Francisco -1% -21% -71% -74% -67% -69% -67% -59% -46% -35% -36% -41% -12%
Detroit 10% 1% -19% -86% -99% -98% -83% -73% -59% -29% -30% -20% -14%
New York 0% -5% -30% -96% -88% -79% -74% -70% -63% -48% -39% -32% -20%
Minneapolis 7% -6% -39% -47% -49% -30% -35% -27% -25% -22% -28% -25% -29%
-100%
-80%
-60%
-40%
-20%
0%
20%
40%
60%
Week Ending 3/8 3/15 3/22 3/29 4/5 4/12 4/19 4/26 5/3 5/10 5/17 5/24 6/1
Tampa 2% -16% -29% -24% -22% -24% -19% -20% 1% -25% -16% -17% 0%
Dallas 2% -13% -26% -38% -28% -28% -18% -10% -1% -11% -16% -11% -4%
San Francisco -1% -21% -71% -74% -67% -69% -67% -59% -46% -35% -36% -41% -12%
Detroit 10% 1% -19% -86% -99% -98% -83% -73% -59% -29% -30% -20% -14%
-100%
-80%
-60%
-40%
-20%
0%
20%
40%
60%
Week Ending 3/8 3/15 3/22 3/29 4/5 4/12 4/19 4/26 5/3 5/10 5/17 5/24 6/1
Tampa 2% -16% -29% -24% -22% -24% -19% -20% 1% -25% -16% -17% 0%
Dallas 2% -13% -26% -38% -28% -28% -18% -10% -1% -11% -16% -11% -4%
-100%
-80%
-60%
-40%
-20%
0%
20%
40%
60%
Week Ending 3/8 3/15 3/22 3/29 4/5 4/12 4/19 4/26 5/3 5/10 5/17 5/24 6/1
Tampa 2% -16% -29% -24% -22% -24% -19% -20% 1% -25% -16% -17% 0%
Dallas 2% -13% -26% -38% -28% -28% -18% -10% -1% -11% -16% -11% -4%
San Francisco -1% -21% -71% -74% -67% -69% -67% -59% -46% -35% -36% -41% -12%
-100%
-80%
-60%
-40%
-20%
0%
20%
40%
60%
Week Ending 3/8 3/15 3/22 3/29 4/5 4/12 4/19 4/26 5/3 5/10 5/17 5/24 6/1
Tampa 2% -16% -29% -24% -22% -24% -19% -20% 1% -25% -16% -17% 0%
-100%
-80%
-60%
-40%
-20%
0%
20%
40%
60%
Week Ending 3/8 3/15 3/22 3/29 4/5 4/12 4/19 4/26 5/3 5/10 5/17 5/24 6/1
-100%
-80%
-60%
-40%
-20%
0%
20%
40%
60%
Retail Sales: Actual over/(under) Pre-Virus Forecast
5
IMPACT: Sales Recovery Advanced Across Major Markets
KEY TAKEAWAY
173 out of 210 markets advanced last week.
Week Ending 3/8 3/15 3/22 3/29 4/5 4/12 4/19 4/26 5/3 5/10 5/17 5/24 6/1
Tampa 2% -16% -29% -24% -22% -24% -19% -20% 1% -25% -16% -17% 0%
Dallas 2% -13% -26% -38% -28% -28% -18% -10% -1% -11% -16% -11% -4%
San Francisco -1% -21% -71% -74% -67% -69% -67% -59% -46% -35% -36% -41% -12%
Detroit 10% 1% -19% -86% -99% -98% -83% -73% -59% -29% -30% -20% -14%
New York 0% -5% -30% -96% -88% -79% -74% -70% -63% -48% -39% -32% -20%
Minneapolis 7% -6% -39% -47% -49% -30% -35% -27% -25% -22% -28% -25% -29%
-100%
-80%
-60%
-40%
-20%
0%
20%
40%
60%
New York
Tampa
Dallas
Minneapolis
DetroitSan
Francisco
INSIGHT
TampaStrong SUV sales made the market one of five
that beat pre-virus forecast (along with Houston,
Denver, Pittsburgh, West Palm).
Dallas / San FranciscoStrong sales close powered markets.
DetroitMidsize pickup sales (+18ppts to forecast) offset
relative weakness in light duty pickups.
New YorkNon-premium cars and SUVs contributed the
most to the 12ppt improvement in New York.
MinneapolisSales fell back modestly.
666©2020 J.D. Power. All Rights Reserved. CONFIDENTIAL & PROPRIETARY—For Internal Use. External publication is prohibited without J.D. Power consent.
Week Ending 3/8 3/15 3/22 3/29 4/5 4/12 4/19 4/26 5/3 5/10 5/17 5/24 6/1
Large Pickup -2% -9% -10% -25% -9% -12% -10% -9% -1% -1% -2% -3% 5%
Midsize Pickup 5% 1% -30% -48% -42% -32% -20% -12% -1% 7% -5% -4% 5%
Midsize SUV 5% -11% -35% -58% -51% -45% -38% -35% -26% -28% -25% -23% -8%
Compact SUV 0% -17% -43% -65% -64% -60% -55% -48% -38% -30% -27% -27% -11%
Compact Car -11% -25% -48% -68% -68% -63% -58% -53% -48% -44% -41% -45% -33%
-100%
-80%
-60%
-40%
-20%
0%
20%
40%
60%
Week Ending 3/8 3/15 3/22 3/29 4/5 4/12 4/19 4/26 5/3 5/10 5/17 5/24 6/1
Large Pickup -2% -9% -10% -25% -9% -12% -10% -9% -1% -1% -2% -3% 5%
Midsize Pickup 5% 1% -30% -48% -42% -32% -20% -12% -1% 7% -5% -4% 5%
Midsize SUV 5% -11% -35% -58% -51% -45% -38% -35% -26% -28% -25% -23% -8%
Compact SUV 0% -17% -43% -65% -64% -60% -55% -48% -38% -30% -27% -27% -11%
-100%
-80%
-60%
-40%
-20%
0%
20%
40%
60%
Week Ending 3/8 3/15 3/22 3/29 4/5 4/12 4/19 4/26 5/3 5/10 5/17 5/24 6/1
Large Pickup -2% -9% -10% -25% -9% -12% -10% -9% -1% -1% -2% -3% 5%
Midsize Pickup 5% 1% -30% -48% -42% -32% -20% -12% -1% 7% -5% -4% 5%
Midsize SUV 5% -11% -35% -58% -51% -45% -38% -35% -26% -28% -25% -23% -8%
-100%
-80%
-60%
-40%
-20%
0%
20%
40%
60%
Week Ending 3/8 3/15 3/22 3/29 4/5 4/12 4/19 4/26 5/3 5/10 5/17 5/24 6/1
Large Pickup -2% -9% -10% -25% -9% -12% -10% -9% -1% -1% -2% -3% 5%
Midsize Pickup 5% 1% -30% -48% -42% -32% -20% -12% -1% 7% -5% -4% 5%
-100%
-80%
-60%
-40%
-20%
0%
20%
40%
60%
Week Ending 3/8 3/15 3/22 3/29 4/5 4/12 4/19 4/26 5/3 5/10 5/17 5/24 6/1
Large Pickup -2% -9% -10% -25% -9% -12% -10% -9% -1% -1% -2% -3% 5%
-100%
-80%
-60%
-40%
-20%
0%
20%
40%
60%
Week Ending 3/8 3/15 3/22 3/29 4/5 4/12 4/19 4/26 5/3 5/10 5/17 5/24 6/1
-100%
-80%
-60%
-40%
-20%
0%
20%
40%
60%
6
IMPACT: Sales Recovery Across Every Segment
KEY TAKEAWAY
Mainstream segment performance accelerated
into sales close.
INSIGHT
All SegmentsEvery segment improved against pre-virus
forecast in the last week of June and four
segments beat the pre-virus forecast.
PickupsConsumers taking advantage of strong incentive
offers drove up sales of both light duty and
midsize trucks.
SUVStrength in SUVs came from the small and large
segments, both climbing above pre-virus levels.
CarMainstream car sales improved 10ppts from
prior week, but lagged pre-virus forecasts by
35%. Compact Car was 33% below pre-virus
forecast.
Retail Sales: Actual over/(under) Pre-Virus Forecast
Week Ending 3/8 3/15 3/22 3/29 4/5 4/12 4/19 4/26 5/3 5/10 5/17 5/24 6/1
Large Pickup -2% -9% -10% -25% -9% -12% -10% -9% -1% -1% -2% -3% 5%
Midsize Pickup 5% 1% -30% -48% -42% -32% -20% -12% -1% 7% -5% -4% 5%
Midsize SUV 5% -11% -35% -58% -51% -45% -38% -35% -26% -28% -25% -23% -8%
Compact SUV 0% -17% -43% -65% -64% -60% -55% -48% -38% -30% -27% -27% -11%
Compact Car -11% -25% -48% -68% -68% -63% -58% -53% -48% -44% -41% -45% -33%
-100%
-80%
-60%
-40%
-20%
0%
20%
40%
60%
Midsize SUV
Compact SUV
Large Pickup
Light Duty
Compact Car
Midsize Pickup
777©2020 J.D. Power. All Rights Reserved. CONFIDENTIAL & PROPRIETARY—For Internal Use. External publication is prohibited without J.D. Power consent.
Week Ending 3/8 3/15 3/22 3/29 4/5 4/12 4/19 4/26 5/3 5/10 5/17 5/24 5/31
Small SUV -1% -15% -37% -70% -62% -59% -49% -45% -34% -9% -11% -3% 16%
Compact SUV 12% -1% -35% -71% -57% -53% -48% -45% -39% -33% -22% -19% -3%
Midsize SUV 11% -8% -33% -70% -59% -56% -50% -49% -39% -25% -23% -16% -8%
Compact Car 4% -18% -38% -69% -63% -61% -58% -56% -51% -38% -33% -36% -30%
-100%
-80%
-60%
-40%
-20%
0%
20%
40%
60%
Week Ending 3/8 3/15 3/22 3/29 4/5 4/12 4/19 4/26 5/3 5/10 5/17 5/24 5/31
Small SUV -1% -15% -37% -70% -62% -59% -49% -45% -34% -9% -11% -3% 16%
Compact SUV 12% -1% -35% -71% -57% -53% -48% -45% -39% -33% -22% -19% -3%
Midsize SUV 11% -8% -33% -70% -59% -56% -50% -49% -39% -25% -23% -16% -8%
-100%
-80%
-60%
-40%
-20%
0%
20%
40%
60%
Week Ending 3/8 3/15 3/22 3/29 4/5 4/12 4/19 4/26 5/3 5/10 5/17 5/24 5/31
Small SUV -1% -15% -37% -70% -62% -59% -49% -45% -34% -9% -11% -3% 16%
Compact SUV 12% -1% -35% -71% -57% -53% -48% -45% -39% -33% -22% -19% -3%
-100%
-80%
-60%
-40%
-20%
0%
20%
40%
60%
Week Ending 3/8 3/15 3/22 3/29 4/5 4/12 4/19 4/26 5/3 5/10 5/17 5/24 5/31
Small SUV -1% -15% -37% -70% -62% -59% -49% -45% -34% -9% -11% -3% 16%
-100%
-80%
-60%
-40%
-20%
0%
20%
40%
60%
Week Ending 3/8 3/15 3/22 3/29 4/5 4/12 4/19 4/26 5/3 5/10 5/17 5/24 5/31
-100%
-80%
-60%
-40%
-20%
0%
20%
40%
60%
Retail Sales: Actual over/(under) Pre-Virus Forecast
7
IMPACT: Premium Sales Show Widespread Improvement
KEY TAKEAWAY
Premium segments outperformed mainstream for third week in a row.
INSIGHT
Premium SegmentsPremium segments improved 9ppts to -11% vs.
forecast in the final week of June.
While every premium segment improved against
forecast, SUVs improved significantly more than
cars.
Week Ending 3/8 3/15 3/22 3/29 4/5 4/12 4/19 4/26 5/3 5/10 5/17 5/24 5/31
Small SUV -1% -15% -37% -70% -62% -59% -49% -45% -34% -9% -11% -3% 16%
Compact SUV 12% -1% -35% -71% -57% -53% -48% -45% -39% -33% -22% -19% -3%
Midsize SUV 11% -8% -33% -70% -59% -56% -50% -49% -39% -25% -23% -16% -8%
Compact Car 4% -18% -38% -69% -63% -61% -58% -56% -51% -38% -33% -36% -30%
-100%
-80%
-60%
-40%
-20%
0%
20%
40%
60%
Midsize Premium
SUV
Compact
Premium SUV
Compact
Premium Car
Small Premium
SUV
888©2020 J.D. Power. All Rights Reserved. CONFIDENTIAL & PROPRIETARY—For Internal Use. External publication is prohibited without J.D. Power consent.
Week Ending 3/8 3/15 3/22 3/29 4/5 4/12 4/19 4/26 5/3 5/10 5/17 5/24 6/1
Car 27% 27% 25% 23% 23% 24% 23% 22% 22% 23% 23% 23% 22%
SUV 52% 51% 49% 45% 45% 46% 48% 49% 50% 51% 52% 53% 55%
Truck 21% 22% 25% 32% 32% 31% 29% 28% 28% 26% 25% 24% 22%
0%
10%
20%
30%
40%
50%
60%
% of Sales by Vehicle Type
8
IMPACT: SUV Sales Mix Reached Record-Level INSIGHT
SUV Share of Retail Sales Highest on
RecordSUV sales mix at 55.3% topped the previous
record of 54.3% in the week ending Dec 29,
2019.
Truck Share of Retail Sales Now On Par
With CarsThe truck category outsold the car category at
retail for the first time on record at the end of
March, but truck mix has since fallen to more
normal levels and is now on par with car mix.
Truck sales volume was supported by heavy
incentive escalation beginning in week ending
March 22.
KEY TAKEAWAY
SUV share of retail sales reached an all-time
high.
Truck
Car
SUV
999©2020 J.D. Power. All Rights Reserved. CONFIDENTIAL & PROPRIETARY—For Internal Use. External publication is prohibited without J.D. Power consent.
37%38%
44%
50% 50%
47%
46%45%
43%
42%41%
40%39%
50%48%
44%
40% 40%
43%
44% 44%
45%47% 47% 48% 48%
13% 13% 12%
10% 10% 10% 11% 11% 12% 12%13% 13%
14%
3/8 3/15 3/22 3/29 4/5 4/12 4/19 4/26 5/3 5/10 5/17 5/24 6/1
Share of Industry Retail Sales
9
IMPACT: Premium Regaining Market Share INSIGHT
GM, Ford, and FCA combined retail market
share declined in week ending June 1 and is
approaching pre-virus levels.
Premium market share is now at pre-virus levels.
KEY TAKEAWAY
Market share is returning to pre-virus levels.
Detroit 3
Non-Premium
Non-Detroit 3
Non-Premium
Premium
101010©2020 J.D. Power. All Rights Reserved. CONFIDENTIAL & PROPRIETARY—For Internal Use. External publication is prohibited without J.D. Power consent.
12%
23%22%
26%
23%
16%
15%15%
16%
15%
13%13%
23%23%
28%
23%
17%18%
15%
17% 17%
13%
National NY LA Miami SF Chicago Dallas Philly Houston DC Boston
INSIGHT
Premium share of industry retail sales is now on
par with prior year levels in May. However,
continued industry sales weakness in New York,
Los Angeles, and San Francisco is inhibiting
premium sales from making a substantial
comeback.
Additionally, while the premium recovery is not
consistent across markets, every major premium
market is now showing growth vs. prior year.
10
IMPACT: Premium Gaining Across All Major Markets
KEY TAKEAWAY
The premium industry rebounded in every top
market in May.
May Premium Share of Industry Retail Sales
2019 2020
111111©2020 J.D. Power. All Rights Reserved. CONFIDENTIAL & PROPRIETARY—For Internal Use. External publication is prohibited without J.D. Power consent.
Week Ending 3/8 3/15 3/22 3/29 4/5 4/12 4/19 4/26 5/3 5/10 5/17 5/24 6/1
Incentives % 10.0% 10.1% 11.2% 11.4% 11.4% 11.5% 11.7% 11.8% 11.8% 11.5% 11.6% 11.8% 11.8%
MSRP
$4.0$4.1
$4.6
$4.9 $4.9 $4.9 $4.9 $5.0 $5.0
$4.8 $4.8 $4.8 $4.9
$34.0
$34.3
$34.7
$35.4
$35.7
$35.5
$34.9$34.9
$35.1
$34.7$34.6
$34.3 $34.4
11
IMPACT: Transaction Prices & Incentive Spend
KEY TAKEAWAY
Prices are normalizing as pickup mix falls back
and smaller SUVs gain share.
Net Transaction
Prices
Incentives per
Unit
Net Transaction Prices and Incentive Spending (000s)
INSIGHT
Net Transaction PricesTransaction prices reached their highest-level on
record at $35,700 during the week ending April
05, but have since declined.
Average transaction prices rose slightly in the
final week of May, with higher premium
nameplate mix overcoming downward pricing
pressure from the normalization of pickup
segment share.
Incentive SpendingIncentives hit record levels at over $5,000 per
unit during the week ending May 03. Week-over-
week decreases in the week ending May 10
were driven by vehicle mix and lower supported
finance incentive mix. Spending remained
roughly flat through the end of May.
121212©2020 J.D. Power. All Rights Reserved. CONFIDENTIAL & PROPRIETARY—For Internal Use. External publication is prohibited without J.D. Power consent.
8% 7%
13%
22% 21%
20%19%
18%17%
15%13% 13%
12%
32%
34% 33%
21%20%
20% 20% 21% 21%
23%
25% 25% 25%
3/8 3/15 3/22 3/29 4/5 4/12 4/19 4/26 5/3 5/10 5/17 5/24 6/1
12
IMPACT: How People Are Buying Vehicles
KEY TAKEAWAY
While 84-month loans are continuing to fall back
toward pre-virus levels, lease mix remains
depressed.
% of Sales That
Are Leased
% of Sales That
Are Financed
with an 84-month
or Longer Loan
Share of New Vehicle Sales by Purchase Type
INSIGHT
Buyers Taking 84-Month LoansWhile still elevated, 84-month loans are now
more than halfway back to pre-virus levels at
12% for the week ending Jun 1.
Buyers Leasing Their Vehicles25% of buyers during the week ending Jun
1 took a lease, but lease mix remains well below
pre-virus levels. Many lessees who extended
their leases have not yet returned to market, due
to the monthly cadence of lease extensions.
131313©2020 J.D. Power. All Rights Reserved. CONFIDENTIAL & PROPRIETARY—For Internal Use. External publication is prohibited without J.D. Power consent.
INSIGHT
Most OEMs have pulled back incentive offers
from May to June in the Large Light Duty Pickup
segment with 0% for 84 month offers no longer
in market.
13
IMPACT: Deals Reduced On Light-Duty Pickups From May to June
KEY TAKEAWAY
Reduced incentives are being driven by lower
inventories but pose a threat to the sales
recovery.
Note: Offers listed are the best available offers; Offers may be limited to specific regions, variants
MY19 MY20
May 0% for 84 w/ 90 day deferral 0% for 72
June 0% for 84 0% for 72
May 0% for 84 0% for 84
June 0% for 72 0% for 72
May 0% for 72 w/ 120 day deferral 0%/0.9% for 72/84 w/ 120 day deferral
June 0% for 72 w/ 90 day deferral3.9%/5.9% for 60/72 w/ 90 day deferral +
$3,500 cust. cash
May 0% for 84 0% for 84
June 0% for 72 0% for 72
May1.9% for 72 w/120 day deferral +
$4,750 cust. cash
1.9%/3.9% for 60/72 w/ 120 day deferral +
$1,000 cust. cash
June1.9% for 72 w/ 90 day deferral +
$4,750 cust. cash
1.9%/3.9% for 60/72 w/ 90 day deferral +
$1,000 cust. cash
May n/a0% for 72 +
$2,000 cust. cash
June n/a0%/2.9% for 60/72 +
$1,500 cust. cash
May0% for 84 w/ 90 day deferral +
$1,000 cust. cash
2.9%/3.9% for 72/84 w/ 90 day deferral +
$2,000 cust. cash
June0% for 84 w/ 90 day deferral +
$1,000 cust. cash
2.9%/3.9% for 72/84 w/ 90 day deferral +
$2,000 cust. cash
Titan
F-150
Silverado
1500
RAM 1500
Sierra
1500
RAM 1500
Classic
Tundra
141414©2020 J.D. Power. All Rights Reserved. CONFIDENTIAL & PROPRIETARY—For Internal Use. External publication is prohibited without J.D. Power consent.
INSIGHT
Several nameplates pulled back offers from May
to June in the Compact SUV segment for model
year 2019 and 2020 vehicles.
As production restarts across the industry and
retail sales are stabilizing, OEMs are scaling
back incentive spending.
14
IMPACT: Deals Reduced On Compact SUVs From May To June
KEY TAKEAWAY
Compact SUV is the largest segment in the
industry. Lower incentives will reduce demand
and create market share volatility.
Note: Offers listed are the best available offers; Offers may be limited to specific regions, variants
MY19 MY20
May 0%/1.9% for 60/72 0%/1.9% for 60/72
June n/a 0.9%/2.9% for 60/72
May0.9%/1.9% for 60/72 +
$1,000 loyalty + $2,000 dealer cash
0.9%/1.9% for 60/72 +
$1,000 loyalty
June0.9%/1.9% for 60/72 +
$2,000 dealer cash
0.9%/1.9% for 60/72 +
$500 dealer cash
May 0% for 84 0% for 84
June 0% for 72 0% for 72
May 0% for 72 0% for 72
June 0% for 72 0% for 72
May n/a0%/1.9% for 60/72 +
$1,000 cust. cash
June n/a0%/1.9% for 60/72 +
$1,000 cust. cash
May n/a 0%/0.9% for 72/84 w/120 day deferral
June n/a2.9%/3.9% w/90 day deferral +
$2,500 cust. cash
May 0% for 63 w/ 90 day deferral 0% for 63 w/ 90 day deferral
June n/a 0% for 63 w/ 90 day deferral
Cherokee
Forester
RAV4
CR-V
Equinox
Escape
Rogue
151515©2020 J.D. Power. All Rights Reserved. CONFIDENTIAL & PROPRIETARY—For Internal Use. External publication is prohibited without J.D. Power consent.
Compact SUV
INSIGHT
Deterioration of incentives in June will reduce
purchasing power and/or increase monthly
payments.
This will likely result in fewer vehicle sales, lower
transaction prices and more migration to the
used vehicle market.
15
IMPACT: Incentive Impact on Monthly Payments
KEY TAKEAWAY
Lower incentives in two key segments degrades
purchasing power for consumers and will likely
slow the recovery.
Large Pickup - LD
May Offers June Offers
0% / 84 months 0% / 72 months
0% / 84 months 0% / 72 months
$28,500 Financed= $339 Monthly Payment
$43,000 Financed= $512 Monthly Payment
$43,000 Financed= $597 Monthly Payment
17% Payment Increase
Or
$36,857 Financed= $512 Monthly Payment14% Less Buying Power
$28,500 Financed= $396 Monthly Payment
17% Payment Increase
Or
$24,429 Financed= $339 Monthly Payment14% Less Buying Power
161616©2020 J.D. Power. All Rights Reserved. CONFIDENTIAL & PROPRIETARY—For Internal Use. External publication is prohibited without J.D. Power consent.
Monthly Payment Loyalty Cash Conquest Cash
May $409 $1,000 $0
June $459 $1,000 $0
Change $50 $0 $0
May $672 $1,000 $1,000
June $715 $500 $500
Change $43 -$500 -$500
May $755 $1,000 $0
June $770 $1,000 $0
Change $14 $0 $0
May $620 $1,000 $0
June $637 $1,000 $0
Change $17 $0 $0
RX
X5
GLE
Q7
16
IMPACT: Many Premium Lease Payments Deteriorated for June INSIGHT
While aggressive finance offers continue, lease
payments rose in June in key premium SUV
segments. This strategy presents a challenging
decision to a customer that prefers to lease.
Premium OEMs may be trying to conserve
incentive budgets with light inventory, but this
may result in increased defection just at the time
when lessees are deciding whether to continue
to sit on the sidelines or return their vehicles.
Loyalty offers are prevalent among nameplates
but may not be enough to retain customers
within the brand.
KEY TAKEAWAY
June lease offers worsened in a market full of pent up lease demand.
Note: Monthly payments normalized to $3,000 down payment
Monthly Payment Loyalty Cash Conquest Cash
May $307 $1,500 $0
June $307 $1,500 $0
Change $0 $0 $0
May $375 $1,500 $1,500
June $447 $750 $750
Change $72 -$750 -$750
May $440 $1,000 $0
June $454 $1,000 $0
Change $14 $0 $0
May $391 $1,000 $0
June $412 $1,000 $0
Change $21 $0 $0
NX
X3
GLC
Q5
Select Midsize Premium SUVs Select Compact Premium SUVs
171717©2020 J.D. Power. All Rights Reserved. CONFIDENTIAL & PROPRIETARY—For Internal Use. External publication is prohibited without J.D. Power consent.
-12%-8%
-33%
-73%-70%
-57%
-51% -50%
-41%
-19%-18% -20% -20%
3/8 3/15 3/22 3/29 4/5 4/12 4/19 4/26 5/3 5/10 5/17 5/24 6/1
17
IMPACT: Many Lessees Remain Out of Market
% of Lessees Returning to Market over/(under) Pre-Virus Forecast
INSIGHT
Returning lessees have stabilized at 20% below
pre-virus forecast for the past four weeks.
Among the top 10 lease states, only Michigan
had a greater number of returns in May relative
to pre-virus levels at +9%. The over
achievement mainly occurred in the final week.
KEY TAKEAWAY
A large number of lessees remain out of market
due to lease extensions.
181818©2020 J.D. Power. All Rights Reserved. CONFIDENTIAL & PROPRIETARY—For Internal Use. External publication is prohibited without J.D. Power consent.
Week Ending 3/8 3/15 3/22 3/29 4/5 4/12 4/19 4/26 5/3 5/10 5/17 5/24 6/1
18-35 -2% -16% -33% -52% -49% -44% -37% -32% -22% -18% -17% -19% -6%
36-55 -2% -16% -37% -57% -52% -45% -42% -36% -27% -22% -24% -24% -13%
56-65 -2% -14% -38% -63% -57% -52% -44% -40% -30% -20% -25% -25% -10%
66-75 7% -12% -38% -67% -65% -63% -54% -47% -39% -33% -31% -29% -17%
76+ 13% -7% -40% -71% -71% -68% -63% -57% -49% -39% -38% -36% -26%
-100%
-80%
-60%
-40%
-20%
0%
20%
Retail Sales: Actual over/(under) Pre-Virus Forecast
18
IMPACT: Mature Buyers Are Staying Away INSIGHT
Sales to mature customers continued to lag the
industry as a whole.
KEY TAKEAWAY
The lower participation of the 56+ group relative
to the rest of industry accounted for 7,000 of the
50,000 decline this past week. Excluding this group, sales decline was only 10.4%.
56-65
76+
66-7536-55
18-35
191919©2020 J.D. Power. All Rights Reserved. CONFIDENTIAL & PROPRIETARY—For Internal Use. External publication is prohibited without J.D. Power consent.
Week Ending 3/8 3/15 3/22 3/29 4/5 4/12 4/19 4/26 5/3 5/10 5/17 5/24 6/1
740+ 54% 54% 52% 51% 52% 52% 54% 57% 59% 57% 58% 60% 62%
660-739 25% 25% 26% 29% 29% 29% 28% 26% 26% 27% 26% 26% 24%
620-659 9% 9% 10% 10% 10% 9% 9% 8% 7% 8% 8% 7% 7%
0-619 12% 12% 12% 10% 10% 10% 10% 8% 8% 8% 8% 7% 6%
Average FICO 739 739 736 736 738 738 741 749 752 749 750 754 759
0%
10%
20%
30%
40%
50%
60%
70%
New Vehicle Loans: FICO Mix
19
IMPACT: New Vehicle Sales To Sub-Prime Buyers Lagging INSIGHT
The average credit quality of new vehicle
buyers, as measured by consumer credit scores,
is higher in recent weeks.
Average FICO score of buyers has risen from
739 pre-virus to 759 during the May close.
Sub-prime share of new vehicle loans has fallen
by half from 12% to 6%.
Sub-prime mix decline reflects a higher
proportion of households in this category facing
financial hardship, coupled with reduced benefit
from 0% APR offers for which sub-prime buyers
do not typically qualify.
KEY TAKEAWAY
Average credit quality on new car loans is higher
in recent weeks due to fewer loans to sub-prime
customers.
740+
660-739
620-659
0-619
20Power Information Network │ ©2019 J.D. Power and Associates. All Rights Reserved. CONFIDENTIAL & PROPRIETARY—For Internal Use. 20©2019 J.D. Power. All Rights Reserved. CONFIDENTIAL & PROPRIETARY—For Internal Use. External publication is prohibited without J.D. Power consent. 20©2020 J.D. Power. All Rights Reserved. CONFIDENTIAL & PROPRIETARY—For Internal Use. External publication is prohibited without J.D. Power consent.20©2020 J.D. Power. All Rights Reserved. CONFIDENTIAL & PROPRIETARY—For Internal Use. External publication is prohibited without J.D. Power consent.
2.
Used Market
212121©2020 J.D. Power. All Rights Reserved. CONFIDENTIAL & PROPRIETARY—For Internal Use. External publication is prohibited without J.D. Power consent. 21
IMPACT: Used Vehicle Sales At Franchised Dealers
KEY TAKEAWAY
Used vehicle sales in May were only 5% below
pre-virus forecast. This is a stark improvement
from April and evidence that the used vehicle market is in recovery.
May Retail Sales: Actual over/(under) Pre-Virus Forecast
INSIGHT
May SalesUsed vehicle sales fell significantly less than
new vehicle sales in May.
The overall impact for May is 15ppts better for
used vehicle sales than for new vehicle sales.
222222©2020 J.D. Power. All Rights Reserved. CONFIDENTIAL & PROPRIETARY—For Internal Use. External publication is prohibited without J.D. Power consent. 22
IMPACT: Wholesale Auction Sales Close in on Pre-Virus Forecast INSIGHT
Wholesale Auction Sales ResultsWholesale auction sales reached 90,000 units
the week ending May 31, just 6% below the pre-
virus forecast for the week. On a full month
basis, auction sales reached 341,000 units in
May 2020, double April 2020’s 170,000 units, but
down 32% from May 2019’s 502,000 units.
Impact-to-DateWholesale auction sales have totaled 610,000
units since mid-March, a decline of 628,000
units versus the same period in 2019 and a loss
of 528,000 units versus our pre-virus forecast.
KEY TAKEAWAY
Wholesale auction sales will return to and then
surpass pre-virus expectations over the coming
weeks as deferred off-lease and higher off-rental
supply enter the market.Notes: Simulcast and physical auction sales for vehicles up to 8 years in age; Actual figures through March 1, 2020; Lagging reported sales will impact
previously reported results.
Weekly Wholesale Auction Sales (000s)
232323©2020 J.D. Power. All Rights Reserved. CONFIDENTIAL & PROPRIETARY—For Internal Use. External publication is prohibited without J.D. Power consent. 23
IMPACT: Wholesale Auction Prices Exceed Pre-Virus Expectations
KEY TAKEAWAY
Prices are expected to level off and retreat
modestly over the coming weeks as dealer
inventory needs are met and larger quantities of
off-lease and off-rental vehicles enter the
market. Notes: Simulcast and physical auction sales for vehicles up to 8 years in age; Actual figures through March 1, 2020; Lagging reported sales will impact
previously reported results
INSIGHT
Wholesale Auction PricesWholesale auction prices rose 2.3ppts on a
weekly basis the week ending May 31, placing
prices slightly above pre-virus expectations.
May closed with wholesale prices fully recovered
from the 16% trough recorded in mid-April when
auction activity was severely curtailed by
nationwide stay at home orders.
On a year over year basis, last week’s result was
essentially equal to May 2019’s month-end
result.
Weekly Wholesale Auction Price IndexMarch 1 = 100
242424©2020 J.D. Power. All Rights Reserved. CONFIDENTIAL & PROPRIETARY—For Internal Use. External publication is prohibited without J.D. Power consent. 24
IMPACT: Used Retail Prices vs. Wholesale Prices INSIGHT
Used Retail PricesUsed retail prices continue to exhibit stability.
Prices were essentially unchanged the week of
May 31 and they finished the week down just
2.3ppts from the first week of March.
Used retail prices have held up very well and
have deviated just modestly from seasonal
expectations despite substantial headwinds.
Direct to Dealer Wholesale PricesDirect to dealer wholesale prices also remained
stable last week, growing by 0.4ppt versus the
week prior.
KEY TAKEAWAY
May ‘20 closed with the relationship between
used retail and wholesale auction prices back to
pre-virus levels.
Notes: Wholesale auction sales include simulcast and physical auction sales. Direct to dealer wholesale sales occur “upstream” or outside of a physical
auction sale. Data covers vehicles up to 8 years in age. Figures are mix-adjusted.
Weekly Used Retail, Direct to Dealer Wholesale, and Wholesale Auction Price IndicesMarch 1 = 100
25Power Information Network │ ©2019 J.D. Power and Associates. All Rights Reserved. CONFIDENTIAL & PROPRIETARY—For Internal Use. 25©2019 J.D. Power. All Rights Reserved. CONFIDENTIAL & PROPRIETARY—For Internal Use. External publication is prohibited without J.D. Power consent. 25©2020 J.D. Power. All Rights Reserved. CONFIDENTIAL & PROPRIETARY—For Internal Use. External publication is prohibited without J.D. Power consent.25©2020 J.D. Power. All Rights Reserved. CONFIDENTIAL & PROPRIETARY—For Internal Use. External publication is prohibited without J.D. Power consent.
3.
Sales Outlook
262626©2020 J.D. Power. All Rights Reserved. CONFIDENTIAL & PROPRIETARY—For Internal Use. External publication is prohibited without J.D. Power consent. 26
SALES PERFORMANCE: May 2020 vs. May 2019 INSIGHT
Total SalesTotal sales finished with 1,128,887 units sold, a
decline 28.8% (-456k units) from May 2019.
Retail SalesRetail sales finished with 1,036,112 units sold, a
decline of 17.4% (-219k units) from May 2019.
Fleet SalesFleet sales of 92,775 represents a decline of
72% (-237k units) from May 2019. This
represents a mix of only 8.2% of total sales.
KEY TAKEAWAY
May total sales finished with a decline of just
over 28%, as retail sales (-17%) out-performed
fleet sales (-72%).
TOTAL SALES
1,128,887-28.8%
-456k unitsversus May 2019
Jan Feb Mar Apr May
RETAIL SALES
1,036,112-17.4%
-219k unitsversus May 2019
Jan Feb Mar Apr May
FLEET SALES
92,775-71.9%
-237k unitsversus May 2019
Jan Feb Mar Apr May
TOTAL SAAR
12.3M-29.3%
-5.1M unitsversus May 2019
RETAIL SAAR
11.4M-18.0%
-2.5M unitsversus May 2019
Jan Feb Mar Apr May
Jan Feb Mar Apr May
2020
2019
2020
2019
2020
2019
2020
2019
2020
2019
272727©2020 J.D. Power. All Rights Reserved. CONFIDENTIAL & PROPRIETARY—For Internal Use. External publication is prohibited without J.D. Power consent.
42%
27
OUTLOOK: March–July Retail Sales Scenarios
KEY TAKEAWAY
Potential for lost sales through July ranges from
1.2M – 1.6M units.
LOW
MODERATE
SEVERE
16% 1.2M
18% 1.4M
21% 1.6M
TOTAL RISK(through July)
% UNITS
2020 J.D. Power
Pre-Virus
Retail Forecast
RAMP UP PLATEAU/
RECOVER
NORMAL
Sales
Decline
vs.
Baseline 35% 20%
7%
14%
21%
1%
10%
20%
SALES
RISK
INSIGHT
Sales Impact March through JulyThe virus is projected to remove 1.2-1.6 million
sales over the five months of March - July.
Full-Year OutlookRecovery/full-year sales will be determined by:
• Economic conditions and/or mitigation of
economic conditions through government
stimulus actions
• Inventory constraints
• OEM incentives
• Recovery of sales postponed during March-
July
• 2020CY retail sales: 11.3-12.3 million retail
sales vs. baseline of 13.4 million
• 2020CY total sales: 12.9-14.2 million total
sales vs. baseline of 16.8 million
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Baseline 1.12 1.08 1.30 1.06 1.18
LOW 0.99 1.17
MODERATE 0.92 1.06
SEVERE 0.73 0.63 1.04 0.84 0.95
Delta vs. Baseline
LOW (0.08) (0.01)
MODERATE (0.15) (0.12)
SEVERE (0.39) (0.46) (0.27) (0.23) (0.24)
282828©2020 J.D. Power. All Rights Reserved. CONFIDENTIAL & PROPRIETARY—For Internal Use. External publication is prohibited without J.D. Power consent. 28
OUTLOOK: New Vehicle Inventory
KEY TAKEAWAY
There will be inventory constraints on certain
vehicles and in certain geographic locations.
LOW
MODERATE
SEVERE
MODERATE2020 J.D. Power
Pre-Virus
Retail Forecast
RAMP UP PLATEAU/
RECOVER
NORMAL
LOW
Inventory
vs.
Baseline 2%
SEVERE
-9% -25%
-29%
-27%
-24%
-22%
-16%
-9%
SALES
RISK
INSIGHT
Scenario AssumptionsProduction outlook is uncertain but expectation
is that it will continue to ramp up thru June as
supply chain issues are resolved.
OutcomeInventory levels may fall by 1.1 million units to
2.5 million in June. This remains a sufficient level
for the overall industry since it is equivalent to a
64 days supply. There will, however, likely be
constraints for select vehicles and markets.
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Baseline 3.73 3.66 3.47 3.60 3.42
LOW 2.54 2.65
MODERATE 2.64 2.87
SEVERE 3.79 3.31 2.62 2.74 3.13
Delta vs. Baseline
LOW (1.05) (0.77)
MODERATE (0.96) (0.54)
SEVERE 0.06 (0.35) (0.85) (0.85) (0.29)
3.49 3.61 3.73 3.66 3.47 3.60
3.42 3.49 3.47 3.43 3.61
3.32
29Power Information Network │ ©2019 J.D. Power and Associates. All Rights Reserved. CONFIDENTIAL & PROPRIETARY—For Internal Use. 29©2019 J.D. Power. All Rights Reserved. CONFIDENTIAL & PROPRIETARY—For Internal Use. External publication is prohibited without J.D. Power consent. 29©2020 J.D. Power. All Rights Reserved. CONFIDENTIAL & PROPRIETARY—For Internal Use. External publication is prohibited without J.D. Power consent.29©2020 J.D. Power. All Rights Reserved. CONFIDENTIAL & PROPRIETARY—For Internal Use. External publication is prohibited without J.D. Power consent.
4.
Q&A
30Power Information Network │ ©2019 J.D. Power and Associates. All Rights Reserved. CONFIDENTIAL & PROPRIETARY—For Internal Use. 30©2019 J.D. Power. All Rights Reserved. CONFIDENTIAL & PROPRIETARY—For Internal Use. External publication is prohibited without J.D. Power consent. 30©2020 J.D. Power. All Rights Reserved. CONFIDENTIAL & PROPRIETARY—For Internal Use. External publication is prohibited without J.D. Power consent.30©2020 J.D. Power. All Rights Reserved. CONFIDENTIAL & PROPRIETARY—For Internal Use. External publication is prohibited without J.D. Power consent.
Appendix
313131©2020 J.D. Power. All Rights Reserved. CONFIDENTIAL & PROPRIETARY—For Internal Use. External publication is prohibited without J.D. Power consent.
847
1,023
1,1151,085
1,302
1,064
1,1801,220
1,118 1,137
1,001
1,354
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
31
IMPACT: J.D. Power 2020 Pre-Virus Retail Forecast INSIGHT
2020 Pre-Virus Full Year ForecastPrior to the escalation of COVID-19 in the U.S.,
J.D. Power expected annual total sales of 16.8
million and retail sales of 13.4 million, declines of
1.9% and 2.6% respectively from 2019.
Pre-Virus May ForecastThe pre-virus forecast for May 2020 was 1.302
million retail sales, an increase of 3.8% from
May 2019.
KEY TAKEAWAY
Prior to the virus, May was projected to be one
of the strongest months of the year with new-
vehicle retail sales forecasted to grow 3.8%.
Retail Sales Forecast (000s)
323232©2020 J.D. Power. All Rights Reserved. CONFIDENTIAL & PROPRIETARY—For Internal Use. External publication is prohibited without J.D. Power consent.
2.4%
0.5%0.8
3.3%
0.5%1.2%
0.5%
0.2%
No constraints on showroom sales
0.4%
Online, remote, or appointment sales only
32
IMPACT: Dealership Sales Operations by State INSIGHT
Dealership Sales Operations• 29 states (59% of 2019 sales) allow
dealership sales operations to remain open.
• 21 states (41%) still have limitations on
dealership sales operations from state
orders.
• Of those with limitations, 18 allow for
showroom sales by appointment or with
specified social distancing actions.
• States that allow online or remote sales only
are Pennsylvania, Illinois and New Mexico.
Changes This Week:• None
KEY TAKEAWAY
No changes to dealership operations this week.
333333©2020 J.D. Power. All Rights Reserved. CONFIDENTIAL & PROPRIETARY—For Internal Use. External publication is prohibited without J.D. Power consent.
INSIGHT
MayAreas in the northeast and west coast remain
the hardest hit, with New York and Philadelphia
showing some of the largest sales declines.
Sunbelt states, especially Texas and Florida,
continue to perform better than the national
average.
Week Ending May 3122 of the top 25 markets outperformed
expectations for the week ending May 31.
Underperforming markets are centered in
California.
33
IMPACT: Regional Retail Sales
KEY TAKEAWAY
Most top markets continued to outperform for the
week ending May 31, and all top 25 showed
gains week-over-week
May-19 Apr-20 May-20 Δ Y/Y 2019-06-02 2020-05-24 2020-05-31 Δ W/W
National 1,255.0 629.3 1,036.1 363.7 236.1 315.5
Pre-Virus Forecast 1,255.0 1,084.9 1,302.4 363.7 312.2 366.8
New York 97.2 23.7 68.0 31.4 16.5 22.9
Los Angeles 83.4 33.0 65.0 22.5 16.1 18.2
Chicago 36.2 19.0 28.5 10.9 6.2 9.1
Dallas 34.1 24.2 30.0 9.9 6.6 9.4
Philadelphia 34.8 6.6 25.4 10.5 6.1 7.7
Detroit 31.6 6.2 25.2 9.4 6.0 7.6
Boston 29.6 12.4 23.0 8.8 4.8 7.8
San Francisco 30.5 9.4 21.2 8.8 5.0 6.4
Houston 27.7 20.6 26.0 8.1 5.7 8.1
Miami 27.6 15.2 24.9 7.3 5.5 7.6
Washington, DC 28.3 13.4 20.7 8.5 4.8 6.4
Atlanta 24.3 13.6 17.9 7.1 3.7 5.1
Tampa 22.3 16.0 21.1 6.2 4.6 6.9
Phoenix 21.9 15.6 20.2 5.7 4.8 6.1
Orlando 20.1 12.6 18.0 5.4 3.9 5.6
Cleveland 17.9 12.1 16.6 5.1 3.7 4.9
Seattle 17.7 4.5 14.9 4.8 3.5 4.5
Minneapolis 17.4 10.2 13.6 5.2 3.2 4.0
Denver 15.3 9.3 14.1 4.2 3.2 4.6
Pittsburgh 14.0 2.6 13.7 4.4 3.5 4.5
Sacramento 13.7 7.0 11.4 3.6 2.9 3.2
San Diego 13.9 5.6 10.9 3.9 2.9 3.0
West Palm Beach 11.9 7.2 10.8 3.3 2.4 3.4
Raleigh 12.5 7.7 10.1 3.6 2.3 2.9
Charlotte 12.1 7.3 9.7 3.5 1.9 3.0
Week Ending
-30%
-22%
-21%
-12%
-27%
-20%
-22%
-30%
-6%
-10%
-27%
-26%
-5%
-8%
-11%
-7%
-16%
-21%
-8%
-2%
-17%
-22%
-9%
-19%
-20%
+66%
+35%
+76%
+70%
+52%
+53%
+95%
+54%
+69%
+67%
+60%
+62%
+83%
+54%
+73%
+57%
+54%
+48%
+74%
+52%
+32%
+23%
+73%
+53%
+88%
-17%
+4%
+60%
+41%
343434©2020 J.D. Power. All Rights Reserved. CONFIDENTIAL & PROPRIETARY—For Internal Use. External publication is prohibited without J.D. Power consent.
INSIGHT
MayPremium declines are now smaller than the
industry overall on a percentage basis, with
some southern markets flat or even growing
year-over-year.
Week Ending May 31Premium continued it bounce back faster than
industry overall led by strong week-over-week
growth from all major markets.
34
IMPACT: Regional Premium Retail Sales
KEY TAKEAWAY
Premium continued to bounce back in the week
ending May 31 led by strong growth from all
major premium markets.
May-19 Apr-20 May-20 Δ Y/Y 2019-06-02 2020-05-24 2020-05-31 Δ W/W
National 154.9 68.3 130.6 46.8 29.9 43.5
Pre-Virus Forecast 154.9 140.3 157.5 46.8 35.6 46.8
New York 21.8 5.0 15.7 7.2 3.8 5.3
Los Angeles 17.6 6.5 14.4 4.7 3.4 4.3
Chicago 5.8 2.8 4.8 1.8 1.1 1.6
Dallas 5.1 3.9 5.2 1.5 1.2 1.9
Philadelphia 5.1 0.9 3.9 1.6 0.9 1.4
Detroit 2.8 0.6 2.2 0.9 0.5 0.7
Boston 3.8 1.5 3.0 1.1 0.6 1.2
San Francisco 6.3 1.7 4.6 1.9 1.0 1.5
Houston 4.5 3.6 4.4 1.5 1.0 1.3
Miami 7.1 3.8 6.9 2.0 1.6 2.1
Washington, DC 4.2 2.1 3.5 1.3 0.8 1.2
Atlanta 3.2 2.0 2.9 1.0 0.6 0.8
Tampa 2.8 2.1 3.1 0.8 0.7 1.1
Phoenix 2.2 1.6 2.4 0.6 0.5 0.8
Orlando 2.2 1.3 2.0 0.7 0.5 0.7
Cleveland 1.5 1.2 1.6 0.5 0.3 0.6
Seattle 2.0 0.6 1.7 0.6 0.4 0.6
Minneapolis 1.4 0.6 1.0 0.4 0.2 0.4
Denver 1.7 0.9 1.7 0.5 0.4 0.6
Pittsburgh 1.1 0.2 1.0 0.3 0.3 0.3
Sacramento 1.4 0.7 1.1 0.4 0.3 0.4
San Diego 2.2 0.8 1.6 0.6 0.4 0.5
West Palm Beach 3.0 1.8 2.9 0.9 0.6 1.0
Raleigh 1.1 0.6 1.2 0.4 0.3 0.4
Charlotte 1.3 0.8 1.3 0.5 0.2 0.5
Week Ending
-28%
-18%
-18%
+2%
-23%
-20%
-19%
-27%
-3%
-3%
-15%
-10%
+10%
+8%
-8%
+5%
-14%
-27%
+3%
-12%
-18%
-28%
-3%
+9%
+0%
+68%
+54%
+64%
+96%
+75%
+74%
+150%
+81%
+64%
+55%
+91%
+77%
+100%
+82%
+86%
+120%
+66%
+115%
+84%
+43%
+58%
+54%
+87%
+63%
+134%
-16%
+2%
+75%
+58%
353535©2020 J.D. Power. All Rights Reserved. CONFIDENTIAL & PROPRIETARY—For Internal Use. External publication is prohibited without J.D. Power consent.
Week Ending 3/8 3/15 3/22 3/29 4/5 4/12 4/19 4/26 5/3 5/10 5/17 5/24 6/1
Compact SUV 16% 16% 16% 14% 14% 13% 14% 15% 16% 17% 17% 17% 18%
Midsize SUV 16% 15% 16% 15% 16% 16% 16% 16% 16% 15% 16% 16% 16%
LD Pickup 11% 11% 15% 20% 20% 18% 16% 15% 15% 13% 13% 12% 12%
Compact Car 10% 10% 9% 8% 8% 8% 8% 8% 7% 8% 8% 8% 8%
Small SUV 9% 9% 9% 7% 7% 8% 8% 9% 8% 9% 9% 10% 10%
Midsize Car 8% 7% 7% 6% 6% 7% 6% 6% 6% 7% 6% 6% 6%
Midsize Pickup 4% 4% 4% 5% 5% 5% 5% 6% 6% 6% 6% 5% 5%
0%
5%
10%
15%
20%
25%
Midsize Pickup
35
IMPACT: Industry Segment Mix Normalizing
KEY TAKEAWAY
Industry segment mix is normalizing, leading to
normalization of other metrics, such as
manufacturer market share.
INSIGHT
Resilience of Large Pickup caused share to
nearly double in late March/early April.
Large Pickup sales remain strong, but sales of
other segments are recovering, causing industry
segment mix to approach normal levels.
Mix of Industry Retail Sales by Segment
Midsize SUV
Compact SUV
Large Pickup
Light Duty
Compact Car
Small SUV
Midsize Car
363636©2020 J.D. Power. All Rights Reserved. CONFIDENTIAL & PROPRIETARY—For Internal Use. External publication is prohibited without J.D. Power consent.
Week Ending 3/8 3/15 3/22 3/29 4/5 4/12 4/19 4/26 5/3 5/10 5/17 5/24 6/1
18-35 -2% -16% -33% -52% -49% -44% -37% -32% -22% -18% -17% -19% -6%
36-55 -2% -16% -37% -57% -52% -45% -42% -36% -27% -22% -24% -24% -13%
56+ 3% -12% -38% -66% -62% -58% -50% -45% -36% -28% -29% -28% -15%
-100%
-80%
-60%
-40%
-20%
0%
20%
36
IMPACT: Declines Most Severe For Buyers Over 55
KEY TAKEAWAY
Retail sales to buyers over 55 underperformed
the rest of the industry by 3ppts the week ending
June 1.
INSIGHT
Sales Decline by Buyer Age56+ accounted for 37% of new-vehicle sales in
2019 and was the only group that grew.
May• 18-35 years: -14% or 43,000 units
• 36-55 years: -20% or 107,000 units
• 56+ years: -24% or 117,000 units
Week Ending June 1• 18-35 years: -6% or 6,000 units
• 36-55 years: -13% or 21,000 units
• 56+ years: -15% or 23,000 units
Retail Sales: Actual over/(under) Pre-Virus Forecast
18-35
36-55
56+
373737©2020 J.D. Power. All Rights Reserved. CONFIDENTIAL & PROPRIETARY—For Internal Use. External publication is prohibited without J.D. Power consent.
Week Ending 3/8 3/15 3/22 3/29 4/5 4/12 4/19 4/26 5/3 5/10 5/17 5/24 6/1
Over 720 FICO 0% -15% -39% -63% -58% -51% -45% -37% -27% -21% -23% -22% -8%
Under 720 FICO -1% -14% -32% -51% -49% -47% -41% -39% -32% -26% -26% -29% -20%
-100%
-80%
-60%
-40%
-20%
0%
20%
37
IMPACT: Retail Sales by Credit Score
KEY TAKEAWAY
For the week ending June 1, retail sales to
buyers with credit scores over 720
overperformed the rest of the industry by 4ppts.
Over 720 FICO
Under 720 FICO
INSIGHT
Credit Tier VariationBuyers with better credit began to outperform
buyers with worse credit in late April. 720+ FICO
buyers account for about 65% of new vehicle
sales.
May Sales Change• Over 720 FICO: -18% or 155,000 units
• Under 720 FICO: -25% or 111,000 units
Week Ending June 1 Sales Change• Over 720 FICO: -8% or 23,000 units
• Under 720 FICO: -20% of 27,000 units
Retail Sales: Actual over/(under) Pre-Virus Forecast
383838©2020 J.D. Power. All Rights Reserved. CONFIDENTIAL & PROPRIETARY—For Internal Use. External publication is prohibited without J.D. Power consent.
Average Trade-In Equity and Trade-In Vehicle Age
38
IMPACT: Trade Equity and Trade-In Age Continue to Rebound INSIGHT
Trade-In AgeThe average age of all vehicles traded in
dropped by nearly a full year to the lowest level
since the recession by the end of March. Since
then, vehicle age has been rebounding towards
pre-virus levels.
Trade-In EquityThe decline in equity reflects higher loan
balances carried on vehicles traded in and lower
trade values on used vehicles.
KEY TAKEAWAY
Incentive programs are helping keep monthly
payments affordable despite buyers having less
equity on their trade-in.
Age of Vehicle
traded (in Years)
Trade-In Equity
6.2 6.1
5.6
5.3 5.3 5.4
5.7
6.0 6.1
6.2 6.2
6.3
6.4
$3.7k $3.7k
$2.9k
$1.9k
$2.1k$1.9k $1.9k
$2.5k
$3.1k
$2.7k$2.8k $2.8k
$3.2k
5.0
5.5
6.0
6.5
7.0
7.5
8.0
3/8 3/15 3/22 3/29 4/5 4/12 4/19 4/26 5/3 5/10 5/17 5/24 6/1
393939©2020 J.D. Power. All Rights Reserved. CONFIDENTIAL & PROPRIETARY—For Internal Use. External publication is prohibited without J.D. Power consent.
Week Ending 3/8 3/15 3/22 3/29 4/5 4/12 4/19 4/26 5/3 5/10 5/17 5/24 6/1
Incentives % 12.1% 12.4% 12.8% 11.9% 12.4% 12.8% 12.8% 12.9% 13.0% 13.2% 13.4% 13.9% 13.5%
MSRP
$7.2$7.4
$7.7
$7.1
$7.4$7.6 $7.7 $7.7
$7.8$7.9
$8.1$8.2
$8.0
$49.9 $50.0 $49.7
$51.6
$50.4
$51.3
$50.7 $50.8 $51.0
$50.5
$49.9
$48.2$48.9
39
IMPACT: Premium Transaction Prices & Incentive Spend
KEY TAKEAWAY
Premium nameplates followed the lead of
mainstream in offering enhanced supported
finance offers and are seeing average prices
starting to decline.
Net Transaction
Prices
Incentives per
Unit
Net Transaction Prices and Incentive Spending (000s)
INSIGHT
Net Transaction PricesPremium transaction prices grew to $51,600
during the week ending March 29 driven by
lower lease mix and a higher sales mix of Large
SUVs.
Prices declined sharply in week ending May 24
driven by segment mix and model mix within
segments but rebounded in the final week of
May.
Incentive SpendingIncentives dropped to $7,100 in the week ending
March 29 due to lower lease spending and mix.
Spending has increased since then as premium
nameplates enhanced their supported finance
offers to keep up with mainstream nameplates.
Supported finance mix remained elevated at
25% in the final week of May.
404040©2020 J.D. Power. All Rights Reserved. CONFIDENTIAL & PROPRIETARY—For Internal Use. External publication is prohibited without J.D. Power consent.
$4.8 $4.9
$5.6$5.9 $5.8 $5.7
$5.8 $5.9 $5.8$5.5 $5.5 $5.5 $5.5
$2.6 $2.6 $2.8$3.0 $3.1
$3.3 $3.3 $3.4 $3.5 $3.3 $3.4 $3.4 $3.5
3/8 3/15 3/22 3/29 4/5 4/12 4/19 4/26 5/3 5/10 5/17 5/24 6/1
Non-Premium Incentive Spending (000s)
40
IMPACT: Incentives Remain Elevated Across Non-Premium Brands INSIGHT
Detroit 3 Non-Premium spending was stable for
the past three weeks with no significant
escalation towards the end of May.
Spending for other non-premium OEMs remains
elevated from pre-virus levels, with the
Japanese OEMs driving the increase in May.Detroit 3
Non-Premium
Non-Detroit 3
Non-Premium
KEY TAKEAWAY
Incentive spending remains elevated relative to
pre-virus levels. Spending at the Detroit 3 OEMs
remained flat despite the Memorial Day weekend, while non-Detroit 3 OEMs enhanced.
414141©2020 J.D. Power. All Rights Reserved. CONFIDENTIAL & PROPRIETARY—For Internal Use. External publication is prohibited without J.D. Power consent.
8%
2%
5% 5%6%
5%
2%
18%
9%
6%
15%
5%
10%
14%13%
11%
7%
22%
16%
13%
National New York Los Angeles Chicago Dallas Philadelphia Detroit Phoenix Orlando Houston
2019 2020
41
IMPACT: % of Buyers Taking 84-Month Loans
KEY TAKEAWAY
Consumer response to 84-month term loans
remains strong, even in markets that are
typically lease heavy.
May Month-to-Date
INSIGHT
May month-to-date percentage of buyers taking
84-month loans was 15%, nearly double the
level in the same period last year.
84-month loan term mix is exceeding prior year
levels in the top six markets by 2019 retail salesvolume.
In Chicago, 84-month loan term mix is 14%,
triple the level in the same period last year.
Even New York, a typically lease heavy market,
has doubled 84-month loan penetration.
424242©2020 J.D. Power. All Rights Reserved. CONFIDENTIAL & PROPRIETARY—For Internal Use. External publication is prohibited without J.D. Power consent.
INSIGHT
Captive %Captive lenders captured 76.0% of loans and
leases in week ending June 1, up from the
previous week.
Captive mix increases despite a continued
reduction in supported 84-month loans from the
Detroit 3 along with a continued rebound in
leasing across a number of segments.
42
IMPACT: Captive Lenders Benefit From Strong APR Offers
KEY TAKEAWAY
Strong finance offers are supporting sales and
enabling captives to maintain a high share of
loans.
Captives
Banks
Credit Unions
Share of New Vehicle Loans and Leases
434343©2020 J.D. Power. All Rights Reserved. CONFIDENTIAL & PROPRIETARY—For Internal Use. External publication is prohibited without J.D. Power consent.
Week Ending 3/8 3/15 3/22 3/29 4/5 4/12 4/19 4/26 5/3 5/10 5/17 5/24 6/1
0-99% 38% 39% 34% 30% 30% 30% 32% 35% 37% 37% 37% 39% 41%
100-109% 17% 17% 17% 17% 18% 19% 19% 20% 20% 20% 20% 20% 20%
110-119% 18% 17% 19% 20% 20% 21% 21% 20% 20% 20% 20% 19% 19%
120%+ 27% 27% 30% 32% 31% 30% 28% 25% 23% 23% 23% 22% 20%
Average LTV 103% 103% 105% 108% 107% 107% 106% 104% 103% 103% 103% 102% 101%
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
New Vehicle Loan-to-Value Distribution
43
IMPACT: New Vehicle Loan-To-Values Have Largely Normalized INSIGHT
The sudden acceleration of high loan-to-value
loans continues to decline.
In particular, the 120%+ bucket has decreased
to well below Jan/Feb 2020 levels.
Captives and credit unions have dramatically
reduced their 120%+ LTVs since mid-April.
Specialty sub-prime lenders have reduced LTVs
across the board.
The 20% rise in the 100%-109% LTV category
may be correlated to worsening trade-in values.
KEY TAKEAWAY
High LTV new vehicle loans have decreased and
average LTV has aligned with historical levels.
0-99%
100-109%
110-119%
120%+
444444©2020 J.D. Power. All Rights Reserved. CONFIDENTIAL & PROPRIETARY—For Internal Use. External publication is prohibited without J.D. Power consent.
Week Ending 3/8 3/15 3/22 3/29 4/5 4/12 4/19 4/26 5/3 5/10 5/17 5/24 6/1
740+ 4.16% 4.09% 3.97% 3.99% 3.91% 3.95% 3.95% 3.95% 3.95% 3.94% 3.98% 3.95% 3.90%
660-739 5.99% 5.87% 6.00% 5.89% 6.21% 5.95% 6.12% 5.96% 6.05% 6.08% 6.12% 5.89% 5.89%
620-659 9.20% 9.11% 9.02% 9.13% 9.18% 9.11% 9.10% 8.89% 8.87% 8.72% 8.68% 8.58% 8.81%
0-619 14.12% 14.18% 13.98% 13.74% 13.79% 13.68% 13.62% 13.38% 13.07% 13.11% 13.10% 13.06% 13.34%
Average APR 7.35% 7.34% 7.48% 7.66% 7.57% 7.65% 7.67% 7.29% 7.14% 6.98% 6.97% 6.72% 6.72%
0%
2%
4%
6%
8%
10%
12%
14%
16%
740+
660-739
620-659
0-619
Non-Captive New Vehicle Loans: Average APR by Credit Score (64-75 Month Term Loans)
44
IMPACT: Attractive New Car Loan Pricing Continues INSIGHT
New vehicle standard rates (non-subvented) fell
in the past three weeks.
Rates to sub-prime buyers remained 80 bps
below pre-virus levels in week ending June 1.
However, there has been minimal disruption to
consumer pricing due to the crisis.
KEY TAKEAWAY
Lenders are offering attractive loan rates to new
vehicle buyers.
454545©2020 J.D. Power. All Rights Reserved. CONFIDENTIAL & PROPRIETARY—For Internal Use. External publication is prohibited without J.D. Power consent.
Week Ending 3/8 3/15 3/22 3/29 4/5 4/12 4/19 4/26 5/3 5/10 5/17 5/24 6/1
<60 7% 7% 6% 4% 4% 4% 4% 4% 4% 4% 4% 4% 5%
60-71 23% 23% 18% 15% 15% 16% 17% 20% 22% 22% 23% 24% 27%
72-83 55% 55% 51% 48% 49% 50% 51% 48% 47% 50% 51% 50% 49%
84+ 15% 15% 25% 33% 32% 30% 29% 27% 26% 23% 22% 21% 19%
Average Term 70 70 72 74 74 73 73 72 72 71 71 71 70
0%
10%
20%
30%
40%
50%
60%
New Vehicle Loans: % by Loan Term
45
IMPACT: New Car Loan Terms Normalized INSIGHT
After peaking in late March/early April due to the
provision of subvented 84 month financing
deals, average loan terms have receded to pre-
virus levels.
Term mix shifted downwards in recent weeks
due to the combination of many manufacturers
launching 60 and 72 month subvented APR
deals, coupled with pickup share of sales falling.
KEY TAKEAWAY
Average loan terms are back to pre-virus levels
as industry sales and incentive mix starts to
normalize.
<60
60-71
72-83
84+
464646©2020 J.D. Power. All Rights Reserved. CONFIDENTIAL & PROPRIETARY—For Internal Use. External publication is prohibited without J.D. Power consent.
Week Ending 3/8 3/15 3/22 3/29 4/5 4/12 4/19 4/26 5/3 5/10 5/17 5/24 6/1
740+ 33.6 33.8 36.5 38.7 39.2 38.9 38.1 37.4 37.0 36.9 36.5 35.9 35.8
660-739 36.7 37.4 39.2 41.1 41.6 41.4 40.4 39.9 39.4 39.3 39.2 38.8 38.2
620-659 35.0 35.8 37.6 39.3 39.0 39.0 38.4 37.6 37.1 37.2 37.2 36.9 36.4
0-619 30.0 30.2 31.9 33.2 33.8 33.7 32.6 32.5 32.8 32.6 32.9 32.5 32.3
Average 34.1 34.4 36.8 38.9 39.3 39.1 38.2 37.7 37.3 37.2 36.9 36.4 36.2
25
27
29
31
33
35
37
39
41
43
45
New Vehicle Loans: Amount Financed by FICO ($000s)
46
IMPACT: New Vehicle Loan Amounts Remain Elevated INSIGHT
Across the consumer credit spectrum, the
average loan amount on new vehicles remains
elevated, but has declined from the early April
peak.
The elevated loan amounts reflect the purchase
of higher MSRP vehicles and lower down
payments.
The declines reflect the industry shifting to a
more typical sales and incentive mix.
KEY TAKEAWAY
New Car Loan amounts are trending down to
more typical levels but remain elevated among
buyers with FICO ≥660.
740+
660-739
620-659
0-619
474747©2020 J.D. Power. All Rights Reserved. CONFIDENTIAL & PROPRIETARY—For Internal Use. External publication is prohibited without J.D. Power consent.
INSIGHT
MayWhile a majority of markets have declined less
than 10%, there remain a number of harder hit
markets in the Northeast and on the West Coast.
Week Ending May 31All markets posted gains week-over-week in line
with expectations, but only 5 out of the top 25
showed stronger than expected growth.
47
IMPACT: Regional Used Retail Sales
KEY TAKEAWAY
While used sales are nearly flat year-over-year,
significant declines persist in some of the largest
northeast and west coast markets.
May-19 Apr-20 May-20 Δ Y/Y 2019-06-02 2020-05-24 2020-05-31 Δ W/W
National 981.3 583.3 1,015.8 235.8 242.2 250.8
Pre-Virus Forecast 981.3 942.4 1,065.3 235.8 243.2 257.6
New York 42.0 8.5 26.4 10.9 6.9 7.4
Los Angeles 39.0 18.6 37.0 8.9 9.1 8.9
Chicago 34.3 18.9 31.7 8.1 7.7 7.7
Dallas 35.0 25.1 38.7 8.9 8.8 9.8
Philadelphia 24.0 5.2 18.6 5.8 4.9 4.9
Detroit 11.9 2.6 10.1 2.6 2.5 2.6
Boston 20.4 8.5 16.6 4.8 4.2 4.3
San Francisco 19.3 6.3 13.1 4.7 3.3 3.2
Houston 21.6 14.7 22.5 5.7 5.1 5.8
Miami 14.3 7.6 14.2 3.5 3.3 3.6
Washington, DC 25.4 14.5 24.2 6.4 5.6 5.7
Atlanta 22.7 14.3 22.0 5.6 4.9 5.1
Tampa 16.5 11.6 18.2 4.0 4.3 4.5
Phoenix 23.1 18.8 28.2 5.5 6.9 7.0
Orlando 14.5 9.9 16.3 3.5 3.7 3.9
Cleveland 21.3 13.9 23.0 5.2 5.4 5.6
Seattle 11.6 3.1 10.5 2.7 2.6 2.6
Minneapolis 26.4 17.8 28.3 6.2 6.7 6.6
Denver 15.1 7.8 17.5 3.8 4.3 4.3
Pittsburgh 10.4 1.8 11.9 2.6 3.4 3.2
Sacramento 6.7 4.3 7.7 1.5 1.9 1.8
San Diego 5.5 3.2 6.1 1.2 1.6 1.5
West Palm Beach 8.9 5.4 9.2 2.1 2.2 2.2
Raleigh 10.0 7.6 11.4 2.5 2.7 2.6
Charlotte 14.6 8.4 12.7 3.5 2.9 3.2
Week Ending
-37%
-5%
-8%
+11%
-22%
-15%
-19%
-32%
+4%
-1%
-5%
-3%
+10%
+22%
+12%
+8%
-10%
+7%
+16%
+15%
+14%
+13%
+4%
+14%
-13%
+29%
+16%
+20%
+34%
+19%
+25%
+24%
+14%
+36%
+31%
+23%
+24%
+25%
+22%
+25%
+24%
+20%
+17%
+22%
+13%
+15%
+13%
+23%
+16%
+34%
+4%
+9%
+24%
+27%
484848©2020 J.D. Power. All Rights Reserved. CONFIDENTIAL & PROPRIETARY—For Internal Use. External publication is prohibited without J.D. Power consent. 48
IMPACT: Industry Health Metrics Near Prior Year Levels INSIGHT
Even with new vehicle retail sales posting a 23%
drop year-over-year for the last week of May
2020, industry health metrics are not far off from
the same period in 2019.
With manufacturers rolling back aggressive APR
offers from May to June type of sale mix and
loan terms are expected to continue to trend
toward historical levels in June.
KEY TAKEAWAY
With industry health metrics normalizing,
manufacturers will need to revert back to tactical
incentives, balancing consumer demand with
current inventory and productions levels.
New Vehicle Health Metrics
Last Week
May'19
Last Week
May'20
% of Sales - Lease 31% 25% ↓ -6ppts
% of Sales - Cash 14% 10% ↓ -4ppts
% of Sales - APR 55% 65% ↑ +10ppts
% of Sales <60 mo 4% 3% ↓ -1ppt
% of Sales 60-71 mo 13% 17% ↑ +4ppts
% of Sales 72-83 mo 30% 32% ↑ +2ppts
% of Sales 84+ mo 7% 12% ↑ +5ppts
Average Loan Term 57 61 ↑ +4mo
Loan to Value 101% 101% – –
Average Credit Score 756 761 ↑ +5
% of Sales 0-619 7% 6% ↓ -1ppt
% of Sales 620-659 7% 7% – –
% of Sales 660-739 24% 24% – –
% of Sales 740+ 61% 63% ↑ +2ppts
Average Buyer Age 49 49 – –
% of Sales 18-35 23% 24% ↑ +1ppt
% of Sales 36-55 41% 40% ↓ -1ppt
% of Sales 56+ 37% 36% ↓ -1ppt
Trade-In Equity $4.0k $3.2k ↓ -$0.8k
% Negative Equity 34% 35% ↑ +1ppt
May'20 o/u
May'19