Aug 29 (Reuters) - New vehicle sales in the United States are projected to rise over 4% in August from a year ago, partly boosted by the Labor Day weekend falling within the reporting period, according to a joint report by industry consultants J.D. Power and GlobalData on Thursday.
On a seasonally adjusted annualized rate (SAAR) basis, which adjusts for Labor Day timing, sales are expected to stay roughly flat at 15.3 million units.
Discounts from dealers and manufacturers are rising, while average transaction prices are falling, leading to a slight SAAR growth in August.
The industry is also grappling with the effects of reduced leasing activity from three years ago. Fewer leases signed back then mean fewer lessees are returning to dealers to purchase or lease a new vehicle.
J.D. Power on Wednesday forecast a slower-than-expected growth rate for EV sales in the first half of 2024 amid competition in the market for gasoline-powered models.
Total new vehicle sales for August, including retail and non-retail transactions, are expected to be up about 4.2% to 1,437,954 units from a year ago.
Transaction prices are trending towards $44,039, down $1,895 from a year earlier.
Total retailer profit per unit - which includes vehicles gross plus finance and insurance income - is expected to be $2,249, down 33% from August 2023.
"An increase in the transition to EVs will take time, with several interdependent variables affecting adoption," said Elizabeth Krear, vice president, electric vehicle practice at J.D. Power.
"The global demand recovery is showing signs of slowing, with lower volume tempering the outlook for the rest of the year," Jeff Schuster, vice president of research, automotive at GlobalData.
2024-12-25 20:57229 view
2024-12-25 20:332726 view
2024-12-25 20:282700 view
2024-12-25 20:171140 view
2024-12-25 19:25988 view
2024-12-25 18:301906 view
WASHINGTON (AP) — President-elect Donald Trumpsaid Wednesday that he’s picking Kari Lakeas director
NEW YORK — Prominent Muslim journalist Mehdi Hasan has decided to quit MSNBC rather than accept a de
Derek Hough won an Emmy, but also Hayley Erbert's heart.After the Dancing With the Stars judge took