Reduced inventory, while not a limiting factor earlier in the year, has slowed new vehicle sales in recent months.
New light-vehicle sales in August continued to decline amid still-shrinking inventory on dealer lots. Sales in August totaled a SAAR of 13.1 million units, the lowest level since June 2020’s 13 million.
Despite production limitations from the chip shortage, new-vehicle demand remains strong among both retail and fleet customers. Our total 2021 forecast for new light vehicles is 16.5 million units.
Looking for a low-pressure, experiential environment where you can explore the latest and greatest cars or trucks that the auto industry has to offer? Then without a doubt your first stop should be your local auto show.
In the second quarter of 2021, sales totaled a 17.0 million unit SAAR, up slightly from the 16.9 million unit SAAR in the first quarter of 2021.
The economy continues to show strong signs of recovery from the coronavirus pandemic. The widespread dissemination of the COVID-19 vaccine and the stellar new light-vehicle sales in March are reasons to be optimistic for the remainder of 2021.
New study in the journal Applied Economics analyzed data on new car sales, finding that dealership competition “significantly” lowers consumer prices on new car and truck purchases.
2020 came to a close with new-light vehicle sales of 14.46 million units, down 14.7% compared to 2019.
“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.