J.D. Power and LMC Automotive Report: Summer Is Heating Up New-Vehicle Sales and Fueling Record Consumer Spending
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For the sixth consecutive month, the retail seasonally adjusted annualized rate (SAAR) in
Retail Light-Vehicle Sales
The SAAR for retail sales in July is expected to be 13.8 million units, an increase of 600,000 vehicles, compared to
New-vehicle retail transaction prices in
"The industry continues to demonstrate healthy growth, not just with retail-sales volume, but also with transaction prices," said
Total Light-Vehicle Sales
Total light-vehicle sales in
July 20141 |
|
|
|
New-Vehicle Retail Sales |
1,243,300 units (5% higher than |
1,108,522 units |
1,138,898 units |
Total Vehicle Sales |
1,434,400 units (5% higher than |
1,418,520 units |
1,313,298 units |
Retail SAAR |
13.8 million units |
13.3 million units |
13.1 million units |
Total SAAR |
16.6 million units |
17.0 million units |
15.8 million units |
1Figures cited for
2The percentage change is adjusted based on the number of selling days in the month (26 days in
Sales Outlook
With a sales pace for the remainder of the year projected to average 16.5 million units—similar to the levels in March through July—LMC Automotive is increasing its overall outlook for auto sales in 2014. Retail light-vehicle sales are forecasted to reach 13.5 million units, up from the previous forecast of 13.4 million, and total light-vehicle sales are projected at 16.3 million units, up from 16.2 million.
Vehicles in the premium segments are expected to outpace those in non-premium segments as smaller, more affordable cars and SUVs join the ranks of several premium brands in 2014. Specifically, the small premium car segment is expected to post the strongest year-over-year growth rate with volume reaching nearly 80,000 units, doubling 2013 sales.
"The automotive industry recovery in
North American Production
North American light-vehicle production finished the second quarter with strong June output of more than 1.4 million vehicles. As a result, second quarter volume hit 4.3 million vehicles, a 3 percent jump from the first quarter of 2014 and more than 1 percent above the second quarter of 2013.
Even with the strong second-quarter sales and production, manufacturers have managed inventory levels with days' supply at a 60-day level in May and June. Healthy inventory levels, coupled with a more positive outlook for local and export demand, lends to a more favorable North American production outlook for the second half of the year. Given this,
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