ARLINGTON, Va.—Total vehicle sales grew in December, jumping from 15.6 million annualized units to 16.3 million during the month, a 3.2% increase in sales levels versus last year.
NAFCU Chief Economist and Vice President of Research Curt Long pointed out the strong light truck and SUV sales have "carried the vehicle market as auto sales are still down 16.8% compared to this time last year."
"December numbers were better than expected, and the new stimulus package combined with further vaccine distribution paints a rosy picture for the medium- to long-term outlook," said Long. "NAFCU expects relatively flat vehicle sales into the summer, picking up in late 2021 as the industry returns to sales at 17+ million units."
Sales of cars declined slightly during the month, falling from 3.8 million annualized units to 3.7 million.
Light truck sales have been strong since the start of the pandemic but have been weak year-over-year until this month – now up 1.3% compared to December 2019, Long said.