WASHINGTON—Total vehicle sales continued to recover in July – rising from June's rate of 13.1 million annualized units to 14.5 million annualized units during the month – which represents a three-month rise since bottoming out.
Monthly sales levels, however, were down 14.1% versus July 2019.
“Even though the virus has reemerged across the country and stalled reopening plans, auto sales have nearly recovered pre-pandemic levels,” said Curt Long, NAFCU's chief economist and vice president of research. “That still leaves a big hole to fill from foregone sales, and it remains unclear how much of the recovery is a release of that pent-up demand versus sustainable interest from households.”
Sales of cars and light trucks both rose during the month, to 3.5 million annualized units and 11 million annualized units, respectively. When compared to July 2019 sales, light trucks have recovered better from the pandemic so far and were down a relatively low 10.6%. However, car sales fared worse and were down 24.7% from a year prior.
“NAFCU expects a slow recovery for the rest of the summer and into the fall as the initial burst of post-shutdown sales wanes,” Long concluded.