Robust sales of new vehicles during the early summer months have continued in August, with demand for new cars, trucks and crossovers on pace to surpass May for the highest levels in 2014, according to a monthly sales forecast developed jointly by J.D. Power and LMC Automotive.
That echoes the findings of another new study showing that U.S. motorists have run up record levels of automotive loan debt this year. John Humphrey, senior vice president of the global automotive practice at J.D. Power, notes that continued high levels of consumer expenditures on new vehicles demonstrate continued improvement of the health of the industry.
“We expect consumer spending on new vehicles in August to approach $39 billion, the highest level on record for the month of August and second-highest month ever behind July 2005 when it was $39.7 billion,” said Humphrey. “The record consumer spending is fueled by both high sales volumes and high transaction prices.”