ARLINGTON, Va.—Total vehicle sales fell from 16.5 million annualized units in April to 15.6 million units in May, but were still up 24% over the same period in 2022.
According to NAFCU Economist Noah Yosif, “These readings reflect a modest pullback from April’s dramatic surge in vehicle sales, but more importantly, indicate continued long-term stability within the industry.”
“Although affordability remains a challenge given rising interest rates and tightening credit conditions, dealers have managed to moderate sticker prices through increased inventory and flexible financing structures,” he continued. “These efforts have enabled vehicle sales to consistently exceed consensus expectations, allowing the industry to outperform other durable goods given recent trends in consumption and inflation.”
Increase in Production
Car sales fell 5.1% in May, while light truck sales similarly declined 5.6% over the month. Data on units produced – which lags a month behind sales data – showed that domestic production increased 5.9% in April. In addition, inventory fell to 0.65 months of sales.
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