ARLINGTON, Va.—Total vehicle sales fell from 14.0 million to 13.3 million annualized units in March,with monthly sales levels down 24.6% year over year.
"In March, the auto market continued February's downward trend after having experienced a brief increase in January," said NAFCU Chief Economist and Vice President of Research Curt Long. "Likewise, inventories fell again, reaching a historic low. Industry experts continue to blame low inventories for driving the recent downward trend in sales. While supply may be driving the decline in sales, widespread inflation is also a contributing factor."
Car sales fell to 2.7 million annualized units last month, and light truck sales fell from 11 million annualized units to10.7 million, the new data show.
Domestic production in February was down 15.9% from the same month in 2021. The inventory-to-sales ratio reached a new record low in February.
"Additionally, TrueCar reports that incentive spend is down 54% from last year, further increasing vehicle prices,” noted Long. “Inflation at the pump has pushed consumers towards electric vehicles (EV). While sales overall are down, Ford reported a record 37.9% increase in EV sales in the first quarter of 2022 as compared to the first quarter of 2021. NAFCU expects an increase in vehicle sales as we enter tax return season, however, expect only a temporary reprieve from what will continue to be a tough year for vehicle sales in 2022.”
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