ARLINGTON, Va.—Total vehicle sales rose to 13.5 in September from 13.1 million annualized units in August, with monthly sales levels up 9.6% year-over-year.
"Prices remain high but the inventory situation is showing modest improvement," said NAFCU Chief Economist and Vice President of Research Curt Long. "The new car segment of the Consumer Price Index increased by another 0.8% in August and are up over 10% from a year earlier but used car prices fell for the second consecutive month. According to the Manheim Used Vehicle Value Index, in the first half of September wholesale used-vehicle prices fell 2.3%.”
Car sales rose slightly to 2.9 million annualized units last month, and light truck sales rose from 10.3 million annualized units to 10.6 million.
“GM is reporting that its access to microchips has improved, which bodes well for production in the near term,” said Long. “However, major manufacturers are saying that they plan to change their business models to run leaner production schedules going forward, which should prevent a major decline in prices.”
Production Increases
Domestic production rose in August and was 32.3% higher than the same month in 2021. Inventory increased to 0.67 months of sales in August.
“New vehicle sales should remain muted due to higher rates and slowing economic activity,” concluded Long.
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