Curves On The Road Ahead

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1 Curves On The Road Ahead Light Vehicle Market Outlook November 2018 Charles Chesbrough Senior Economist

2

3 A g e n d a Economic Outlook and New Vehicle Sales Affordability Threat and the Used Vehicle Market Dealers Perspective and Tariff Concerns 3

4 E c o n o m y S t r o n g B u t T h r e a t s R i s i n g Economy is strong and so is vehicle demand: High confidence + low unemployment + credit availability = the perfect storm for robust auto sales. Vehicle affordability a growing concern: Rising interest rates, gas prices, vehicle prices coupled with low wage growth, inflation = strong headwind. Trump Tariffs are major threat to vehicle sales: Prices will rise for new and used products, and parts. Weaker economy will lower demand further. Vehicle demand to shift toward used as off-lease vehicles flood the market: Affordability and product mix will capture new buyers. New car/entry segments under greatest threat. 4

5 L a b o r M a r k e t s A r e H i s t o r i c a l l y S t r o n g Initial Unemployment Claims 700, , , , ,000 Unemployment Rate ,000 0 Source: Department of Labor 5

6 S a l e s P a c e S t r o n g B u t D i c h o t o m y I n c r e a s i n g Monthly Sales SAAR (millions) Total Car Light Truck Source: US Bureau of Economic Analysis 6

7 E m p l o y m e n t a n d Ve h i c l e S a l e s C l o s e l y L i n k e d Employed Rate (100-U3) New Light Vehicle Sales (millions) Employed Rate - L Total LV Sales - R Sources: US Bureau of Economic Analysis, Dept of Labor, 12 month moving average 7

8 O p t i m i s m C r i t i c a l To Ve h i c l e S a l e s Consumer Sentiment (100=base) Incentive Bubble New Light Vehicle SAAR (millions) Consumer Sentiment - L LV SAAR - R Sources: University of Michigan Survey, US Bureau of Economic Analysis, 12 month moving average 8

9 K e y D u r a b l e s R e c o v e r i n g A t D i f f e r e n t S p e e d s Housing Starts (thousands,12m avg) 2,100 1,900 1,700 1,500 1,300 1, Housing Bubble New LV SAAR (millions,12m avg) Housing Starts - L LV Sales - R Sources: US Bureau of Economic Analysis, US Census Bureau, 12 month moving average 9

10 W a l l S t r e e t F u n d e d Ve h i c l e M a r k e t R e c o v e r y Motor Vehicle Loans Outstanding (billion $) $1,200 $1,100 $1,000 $900 $800 $700 $600 $500 $400 S&P/Experian Default Indices 10% 9% 8% 7% 6% 5% 4% 3% 2% 1% 0% First Mortgage Auto Loan Bankcard Source: Federal Reserve; Experian 10

11 B o r r o w i n g C o n d i t i o n s V u l n e r a b l e US Average Amount Financed (new vehicle) Auto Loan Availability (net percentage YES) $31,000 $30,000 $29,000 $28,000 $27,000 $26,000 $25,000 $24, Stronger Demand for Auto Loans Tighter Standards for Auto Loans Source: Federal Reserve, Loan Officer Survey 4q avg 11

12 R i s i n g H e a d w i n d s To S l o w N e w M a r k e t New Light Vehicle Sales Scenarios (millions) Base View Mild economy-wide decline in 2019, but no trade war, coupled with higher interest rates (75bps), cause 4% sales decline from 2018 s likely 17.1m finish. Sales fall to 16.6m in 2019 and 16.5m in 2020 before starting gradual recovery. Optimistic Little economic inflation from modest wage growth slows FRB rate increases, tariff changes remain modest, recession avoided, higher vehicle prices and market satiation keep sales post peak as sales level at 17.2m. Pessimistic Inflation rate increases causing more aggressive FRB policy, trade war intensifies, credit availability deteriorates, consumer spending contracts and resulting recession leads to market bottom of 16.0m in 2020 before recovering. Source: Cox Automotive Forecast, November

13 A g e n d a Economic Outlook and New Vehicle Sales Affordability Threat and the Used Vehicle Market Dealers Perspective and Tariff Concerns 13

14 B u y i n g C o n d i t i o n s C h a n g i n g S i n c e R e c o r d Ye a r Change New Vehicle Sales 17.5m 17.1m -400K Avg Transaction Price $34,353 $35,762 $1,409 Avg 5 year Loan Rate% Federal Funds Rate% Income Growth 1.7% 2.8% 1.1% Inflation 1.3% 2.5% 1.2% Gasoline Price $2.15 $2.76 $0.61 Source: Cox Automotive 14

15 S h a r e O f M a r k e t L e s s T h a n $ 3 0, D e c l i n i n g New Vehicles - Transaction Price Market Share ( ) 50% 45% 40% 35% 30% 25% 20% 15% 10% 5% 0% <= $20,000 $20 - $30K $30 - $40K $40 - $50K $50 - $60K $60 - $70K $70 - $100K Source: Cox Automotive/KBB 15

16 A f f o r d a b i l i t y C r i t i c a l To B u y e r s D e c i s i o n Used Vehicle Buyer Average Household Income $100,000 $95,000 $90,000 $85,000 $80,000 $75,000 $70,000 $65,000 $60,000 $55,000 $50,000 Vehicle Model Year Source: Cox Automotive Estimates, IHS registrations 16

17 Jan-2014 Jan-2015 Jan-2016 Jan-2017 Jan-2018 Jan-2014 Jan-2015 Jan-2016 Jan-2017 Jan-2018 R i s i n g L e a s e P a y m e n t s I m p a c t i n g C h o i c e s Monthly Payment (3m avg and Trend) $575 $550 $525 $500 $475 $450 $425 $400 $375 $350 Payment Differences (3m avg and Trend) $175 $150 $125 $100 $75 $50 $25 $0 New Lease (36m) New Loan (69m) Used Loan (66m) New Loan-Lease New Loan-Used Loan Lease-Used Loan Source: Cox Automotive Estimates 17

18 P r e v i o u s L e a s i n g C r e a t i n g M a j o r H e a d w i n d Off-Lease Maturities (annual volume, millions) Source: Cox Automotive Estimates 18

19 M a n h e i m U s e d Ve h i c l e Va l u e I n d e x I s S t r o n g Manheim Index (1995=100) Jan-1995 Jan-2000 Jan-2005 Jan-2010 Jan-2015 Source: Cox Automotive 19

20 R e c e s s i o n I m p a c t i n g U s e d Ve h i c l e S u p p l y Total US Registrations (270 million) 18,000,000 16,000,000 14,000,000 12,000,000 10,000,000 8,000,000 6,000,000 4,000,000 2,000,000 0 Vehicle Model Year Source: Cox Automotive/IHS Registrations 20

21 R e t e n t i o n Va l u e s S t a b i l i z i n g I n Retention Values as % of MSRP 64% 62% 60% 58% 56% 54% 52% 50% Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec CY 2015 CY 2016 CY 2017 CY 2018 Source: Kelley Blue Book Auction Values as a % of MSRP, 1-3 year old group, and New Vehicle Sales Weighted 21

22 Jan-2013 Jan-2014 Jan-2015 Jan-2016 Jan-2017 Jan-2018 U s e d M a r k e t To R i s e W h i l e N e w D e c l i n e s Total Registrations By Model Year (12m average) Used Sales (annual, millions) 12,000,000 11,000, ,000, ,000,000 8,000, ,000,000 6,000, ,000,000 4,000, MY 0-4 MY 5-8 MY 9-12 MY MY 17+ Source: Cox Automotive analysis of IHS Registrations 22

23 A g e n d a Economic Outlook and New Vehicle Sales Affordability Threat and the Used Vehicle Market Dealers Perspective and Tariff Concerns 23

24 OVERALL RANK What are the Factors Holding Back Your Business? Q3 18 Q2 18 Q Limited Inventory 38% 36% 34% 2 Market Conditions 37% 43% 43% 3 Credit Availability for Consumers 35% 36% 34% 3 Competition 35% 28% 34% 5 Expenses 29% 25% 30% 6 Interest Rates 17% 16% 7% 7 Consumer Confidence 16% 15% 18% 8 Consumer Transparency in Pricing 15% 14% 11% 9 Staff Turnover 12% 11% 11% 10 Credit Availability for Business 9% 9% 11% 11 Regulations 7% 12% 11% 11 Dealership Systems/Tools 7% 7% 6% 13 Too Much Retail Inventory 5% 7% 9% 13 OEM Mandates/Restrictions 5% 6% 5% Significant decrease vs previous quarter Significant increase vs previous quarter Dealer Sentiment Index Q

25 Import Tariff Impact (Full Breakout) OVERALL Q Positive Impact 11% No Impact 51% Negative Impact 38% FRANCHISE Positive Impact 9% No Impact 35% Negative Impact INDEPENDENT 56% B Positive Impact 11% No Impact 57% A Negative Impact 32% Q: Which of the following best describes the impact on your business profitability next quarter if tariffs are imposed on imported vehicles and parts? A/B Indicates significant difference between groups at the 95% confidence level. Dealer Sentiment Index Q3 2018

26 The US Market Is Heavily Dependent on a Complex Global Supply Chain Composition of New Vehicles Sold in the US by Major Segments and Major Regions of Origin 35% 30% 25% 20% 15% 10% 5% 0% COMPACT CAR LUXURY CUV VAN PICKUP MIDSIZE CAR SUV USA MEXICO+CANADA JAPAN SOUTH KOREA EUROPE Source: Cox Automotive estimates based on IHS Markit Registrations 26

27 Each Brand s Exposure To Tariffs Differs Based On Non-USA Production 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 100% 99% 0% 1% 89% 81% 76% 64% 64% 62% Domestic Share Import Share 86% 82% 73% 71% 64% 66% 67% 69% 53% 53% 53% 54% 51% 49% 49% 51% 52% 47% 47% 47% 48% 46% 36% 36% 38% 36% 34% 33% 31% 29% 27% 24% 19% 18% 14% 11% 7% 93% 100% 0% ALFA ROMEO ASTON MARTIN AUDI BENTLEY FERRARI FIAT GENESIS JAGUAR LAMBORGHINI LAND ROVER LOTUS MASERATI MAZDA MCLAREN MINI PORSCHE ROLLS ROYCE SMARTCAR VOLVO Source: Cox Automotive 27

28 1/1/2012 1/1/2013 1/1/2014 1/1/2015 1/1/2016 1/1/2017 1/1/2018 Te s l a H a s F i n a l l y A r r i v e d Model 3 having huge initial success: 72,000 sold since July Biggest selling luxury car 400,000 orders still to be filled MSRP: Model X $104K, Model S $100K, Model 3 $62K (with features well above $35K target). Trump tariffs could be a huge plus for Tesla Made in USA Success may be short lived: Selling to fans today will broader market be so forgiving? Direct to customer has many risks repairs difficult Lots of competition coming many new OEMs will enter the space, many luxury electric nameplates from current brands. Tesla Sales 35,000 30,000 25,000 20,000 15,000 10,000 5,000 0 Model 3 Model S Model X 28

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