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Posts Tagged ‘New vehicle sales record’

New Vehicle Sales Expected to be Flat in July

Many analysts believe sales run peaked last year.

by on Jul.29, 2016

New car sales are expected to flatten out in July, but makers are still tracking for a record year.

New vehicle sales are expected to drop 1% year-over-year to a total of 1.5 million units in July 2016, resulting in an estimated 17.5 million seasonally adjusted annual rate, or SAAR, according to Kelley Blue Book.

The estimate is in line with a growing consensus that sales of new vehicles peaked during the summer and fall of 2015 and the growth of sales has flattened out in recent months. However, the competition for those sales has intensified as the recent furor General Motors use of incentive “increases” revealed.

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Chuck Stevens, GM’s chief financial officer, said the discounts GM offered over the Fourth of July was a “tactic” and not a signal that GM was preparing to make broader use of incentives. (more…)

NADA Predicts Sales Hit New High in 2016

Growth restricted by lower income of Millennials.

by on Aug.05, 2015

Past NADA Chairman Forrest McConnell said that increased regulations will cause car prices to rise, and ultimately, choke sales.

Sales of new vehicles will continue to inch upwards through 2016, but could ultimately be limited by the diminished purchasing power of the younger “Millenial Generation,” according to economists from the National Association of Auto Dealers.

Sales of new cars and light trucks will continue their post-recession climb, reaching an all-time high of 17.46 million vehicles in 2016, said Steven Szakaly, chief economist of the National Automobile Dealers Association, predicted during a panel discussion at the Center for Automotive Research’s annual conference near Traverse City, Michigan.

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Szakaly predicts new-vehicle sales of 16.65 million units in 2017, which represents a fairly steep decline year over. On the plus side, employment is doing very well, which is critical to new- and used-car sales, and we expect gasoline prices to continue to remain low,” Szakaly said. (more…)