A Cox Automotive forecast predicts the recent sales frenzy will slow as inventory constraints are pulling the market back down to earth.
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Inventory was running 37% behind last year and 42% below 2019 as May, one of the highest sales volume months of the year, opened.
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A Kelly Blue Book report shows growing interest in electric and green vehicles, especially SUVs.
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Figures remain down 16% from year-ago level.
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Sales to fleet buyers were off notably last quarter – down 28% percent from Q1 2020 – but robust retail sales more than covered fleet’s shortfall and provided reason to believe new-vehicle sales have recovered from the pandemic meltdown.
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A 17.1 million total would match 2019’s total and mark the sixth year in a row that new-vehicle sales would top 17 million.
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Analysts found that, as in 2018, consumers continued to abandon car segments in 2019. Light trucks are on track to account for more than 70% of overall new-car sales for 2019, while cars will account for less than 30% of new-car sales.
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The estimated seasonally adjusted annualized rate of U.S. new vehicle sales continues to hover around the 17 million-unit mark after several major manufacturers enjoyed year-over-year improvements in November.
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Trucks have shown the most strength of any segment with full-size trucks up 3%, while Kelley Blue Book shows midsize pickups rose 6%, aided by new and redesigned models.
Read More →Incentive spending is projected to reach $4,159 (up 6% or $246), the highest level ever for the third quarter and just $28 short of the all-time quarter high set in Q4 2017.
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