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 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.