ARLINGTON, Va.—Total vehicle sales declined from 13 million annualized units to 12.9 million annualized units in November, with monthly sales levels down 19% year over year.
"The auto market is having a difficult time breaking out of its malaise, and sales in November declined slightly from already low levels," said NAFCU Chief Economist and Vice President of Research Curt Long. "High gas prices and low inventories are each taking a toll. On the supply front, semiconductor production appears to be improving. Domestic auto production improved by 41% during the month of October, though that only made up for a sharp drop the prior month."
Car sales were flat last month, holding at 2.6 million annualized units, while light truck sales fell from 10.4 million annualized units to 10.3 million.
Domestic production recovered somewhat in October after a steep decline in September. Ward's Automotive reports that inventories are down 82% since October 2019, Long noted.
"The supply chain is the main constraint, though, and improvement is apparently on the way," concluded Long. “NAFCU expects auto sales to improve in early 2022.”