ARLINGTON, Va.—Total vehicle sales increased 400,000 annualized units in September and monthly sales levels were up 16.1% year over year, new data show.
“These readings prove that inventory remains a saving grace for the market,” said NAFCU Economist Noah Yosif. “The recent pickup in production has delivered sales growth by limiting price markups, supporting discounts, and allowing dealers to reach a greater range of prospective buyers across the income spectrum. While underlying production is strong, labor-related disruptions emanating from the recent UAW strikes may reassert downward pressure on vehicle inventories, which would likely be reflected via price appreciation and could, in-turn, have some impact on sales volumes.”
Other Road Signs
The new data show sales rose 100,000 units and increased 12.6% year over year. Light truck sales also rose 300,000 units, increasing 17% year over year. Data on units produced – which lags a month behind sales data – showed domestic production accelerated 6% and inventory rose to 0.95 months of sales.
“Currently, the market is exhibiting continued strength despite an array of financial headwinds facing consumers, and NAFCU expects only a very modest drop in sales if production flags,” Yosif concluded.
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