The share of new-vehicle sales from luxury brands drove up average transaction prices, when combined with fewer discounts and incentives, caused new vehicle affordability to fall.
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The Q1 2024 decline in electric vehicle sales was the first quarter-over-quarter downturn since Q2 2020.
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Domestic brands continue to have the highest inventory while Asian imports rank lowest.
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Bobit releases the latest aggregate numbers for specific fleet sectors as total sales look to close out 2023 well ahead of last year.
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While the UAW strike has slowed output at auto factories nationwide, the fallout has not fully hit consumers in dealer showrooms.
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Total 2023 EV sales will likely surpass the milestone one million mark next month as the electric vehicle market transforms due to more product and supply and downward pricing pressure.
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Sales in Q3 are expected to surpass 3.9 million, a jump of more than 15% from the same timeframe one year ago.
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Tesla’s share fell below 60% for the first time, but the No. 2 seller of EVs in the U.S. – Chevrolet – is a distant second. Numbers will fuel the budding used EV market further.
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Fleet sales have helped underpin the market improvement so far this year. Forecasts suggest fleet sales could increase by more than 40% year over year,
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Vehicle shoppers now have a much better chance of finding something that fits their needs as improved supply relieves pent-up demand.
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