ARLINGTON, Va.—Total vehicle sales fell from 13 million annualized units to 12.2 million annualized units in September, with monthly sales levels down 25.2% year over year.
"Vehicle sales are victim to the continuing supply chain issues in the semiconductor industry," said NAFCU Chief Economist and Vice President of Research Curt Long. "The economy can handle significantly higher sales, and it's coming at a cost to GDP – a quarter of a percentage point in the first three quarters of the year just in vehicle sales alone.
"Worse yet, there is no end in sight as U.S. automakers posted the lowest production in August on record, down 36.4% from the previous record low set in 2020," continued Long. "Prices are reflecting supply issues, with used cars up 35% since this time last year and 63% compared to before the pandemic."
Car sales declined this month from three million annualized units to 2.6 million annualized units while light truck sales slipped to 9.6 million annualized units.
Light Truck Sales in Pothole
Total sales are down 25.2% from September 2020 and are at their lowest rate since May 2020. Light truck sales have hit their lowest level since May 2020.
"Vehicle sales will remain constricted by semiconductor shortages into 2022 with market equilibrium remaining even farther off," concluded Long.