The year came to close with new light-vehicle sales of 14.46 million units, down 14.7% from 2019 and the lowest full-year sales total since 2012.
For 2020, we expect that new light-vehicle sales will total 14.2 million units. There may be some regional ups and downs in sales as the country deals with spikes in COVID-19 cases throughout the winter months.
The new light-vehicle sales volume in October equated to a SAAR of 16.2 million units, the second straight month with a SAAR above 16 million units.
Look for commercial truck sales to continue improving the rest of the year and into 2021.
“Given the better than expected recovery in the new light-vehicle market, we estimate 2020 new light-vehicle sales to be higher, reaching 14.1 million units,” added Manzi.
New light-vehicle sales increased for the fifth straight month in September.
August’s SAAR of 15.2 million units marked a 4.8% increase from July’s SAAR of 14.5 million units but is down 11% compared with August 2019.
The July SAAR totaled 14.5 million units, a decline of 14.4% compared with July 2019 but up from the SAAR of 13.1 million units for June 2020.
As Congress considers the next phases of virus-related economic recovery legislation, it should include suspension of the FET on new trucks and trailers until the end of 2021.
As with most industries, truck sales the rest of the year will be dependent on the ability to control the spread of COVID-19.