by Calculated Risk on 3/27/2019 11:26:00 AM
Wednesday, March 27, 2019
From JD Power: Auto Retail Sales Off to Slowest Q1 Start Since 2013
Total sales in March are projected to reach 1,562,800 units, a 2.1% decrease compared with March 2018. The seasonally adjusted annualized rate (SAAR) for total sales is expected to be 16.9 million units, down 400,000 from a year ago.This forecast is for sales to be higher than in January and February, and down from 17.2 million SAAR in March 2018.
New vehicle total sales in Q1 are projected to reach 3,952,100 units, a 2.5% decrease compared to the first quarter of last year.
“This is the first time in six years that Q1 sales will fall short of 3 million units. While the volume story could be better, there is remarkable growth in transaction prices, with records being set monthly. New-vehicle prices are on pace to reach $33,319 in Q1—the highest ever for the first quarter—and it’s more than $1,000 higher than last year.”
Given the current weakness and uncertain future, LMC’s forecast for 2019 total light-vehicle sales has been trimmed by 75,000 units to 16.9 million units, a decline of 2.2% from 2018.
Posted by Calculated Risk on 3/27/2019 11:26:00 AM