Light-vehicle sales in the U.S. this month may rise 30 percent to 1.38 million as consumers replace aging cars and trucks, Edmunds.com said.
“May overall looks strong,” Jessica Caldwell, an industry analyst with Edmunds, said today during an interview in Detroit. “The big driver for the month will continue to be pent-up demand. If we can get those buyers into the marketplace, sales will sustain at a reasonable level.”
Sales in May a year ago were 1.06 million, according to Woodcliff Lake, New Jersey-based researcher Autodata Corp. That equated to a seasonally adjusted annual rate of 11.8 million, Autodata said.
This month’s SAAR may reach 14.3 million, Jeremy Anwyl, vice chairman of Edmunds, said during a presentation in Detroit. Edmunds, a Santa Monica, California-based website, tracks auto sales.
U.S. auto sales are on pace for the best showing since 2007. Sales this year may reach 14.3 million cars and light trucks, according to estimates from 14 analysts compiled by Bloomberg. That would be the best full year since 16.1 million in 2007. Edmunds last week estimated full year sales of 14.4 million.
May’s increase follows a 2.3 percent gain in April to 1.18 million, according to Autodata. The industry’s seasonally adjusted annual rate, or SAAR, was 14.4 million last month.
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