“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.
During this quarter, retail sales recovered much more quickly than fleet sales from the effects of the COVID-19 pandemic.
New light-vehicle sales in June improved compared to May but remain down significantly compared to this time last year.
Fleet sales were down year-over-year by a whopping 72% in May, while retail sales only fell by 17%.