ARLINGTON, Va.—Total vehicle sales slowed in October, falling from 16.3 million annualized units to 16.2 million during the month.
NAFCU Chief Economist and Vice President of Research Curt Long noted that although monthly sales levels were down 3.3% from the previous year, sales had improved modestly from September if seasonal adjustments are ignored.
"Fleet sales continue to be a drag, with TrueCar estimating a 41% decline year-over-year in October (fleet sales comprised 15% of total sales a year ago)," said Long. "However, gains in the retail segment have been enough to offset those declines.
"Low rates are not going anywhere for the foreseeable future, and NAFCU expects vehicle sales to remain steady," Long added.
Sales of cars grew slightly during the month, rising to 3.8 million annualized units.
Of note, light truck sales slowed slightly, falling to 12.4 million annualized units. However, light truck sales have been strong amid the pandemic and remain up 0.6% compared to October 2019. Car sales are down 13.9%, Long said.