ARLINGTON, Va.—Total vehicle sales rose to 14.9 million annualized units in October from 13.6 million annualized units in September, with monthly sales levels up 12.7% year-over-year.
“Prices remain high and the inventory declined in September, the most recent month where inventory data is available,” said NAFCU Chief Economist and Vice President of Research Curt Long. “More recent reports suggest that production is improving, which is critical to unlocking more sales.
“In September, domestic production reached its highest level since January 2021,” and was 83% higher than September 2021,” Long continued. “However, inventory fell to 0.64 months of sales in September and “demand is still outstripping supply.” Car sales rose to 3.2 million annualized units last month, and light truck sales rose from 10.7 million annualized units to 11.7 million.”
Long reminded that Hurricane Ian destroyed more than 300,000 cars, according to the Insurance Information Institute, which is further contributing to the demand-supply imbalance.
He added NAFCU expects sales to trend upward in the coming months as supply chains heal, but that growth will be “choppy and gradual.”
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