ARLINGTON, Va.—Total vehicle sales continued to recover in September, rising from August's 15.2 million annualized units to 16.3 million during the month. NAFCU Chief Economist and Vice President of Research Curt Long noted that vehicle sales are “just 4% below year-ago levels.”
"Light truck sales are actually positive year-over-year, as low gas prices are stoking even more interest in larger vehicles at the expense of autos," said Long. “Other factors like depressed demand for fleet purchases from rental car agencies and increased housing construction could also be contributing to sales mix.”
Sales of cars and light trucks both rose during the month to 3.7 million annualized units and 12.6 million annualized units, respectively. Light trucks have bounced back from the pandemic, up 0.8% compared to September 2019. Car sales, however, are down 18.2% versus 2019.
“Production totals seem to have returned to normal, alleviating the supply constraints from earlier in the year,” said Long. “Consumer confidence has been relatively high, but fading momentum in the labor market and a potential surge in the virus are headwinds.
“NAFCU expects vehicle sales grown to taper in the fourth quarter,” concluded Long.