×
Newsmax TV & Webwww.newsmax.comFREE - In Google Play
VIEW
×
Newsmax TV & Webwww.newsmax.comFREE - On the App Store
VIEW
Tags: new vehicle sales projections | jd power | auto demand

US New Vehicle Sales to Increase on Strong Demand

US New Vehicle Sales to Increase on Strong Demand
(Dreamstime)

Wednesday, 28 September 2022 09:04 AM EDT

U.S. new vehicle sales are set to rise in September as consumers spent more money on new vehicles than any previous September on record, an industry report from consultants J.D. Power-LMC Automotive showed on Wednesday.

Customers have been unaffected by higher vehicle prices and lack of incentives or discounts from automakers, who have been taking advantage of strong demand and tight inventory.

"Transaction prices still rose and consumers spent more money on new vehicles this month," said Thomas King, president of the data and analytics division at J.D. Power, adding auto sales are yet to see an impact from the ongoing monetary policy tightening by the U.S. Federal Reserve to curb inflation.

Retail sales of new vehicles this month are expected to reach 958,948 units, a 5.4% increase from September 2021.

September seasonally adjusted annualized rate for total new vehicle sales is expected to be 13.6 million units, up 1.5 million units from 2021, the report showed.

The report, however, said that the per unit pricing and profitability may see deterioration in the coming quarters as broader macro economic conditions affect demand and pressure affordability.

New-vehicle retail sales for the third quarter are projected to reach 2,900,300 units, a 4.2% decrease from 2021 when adjusted for selling days.

© 2022 Thomson/Reuters. All rights reserved.


StreetTalk
U.S. new vehicle sales are set to rise in September as consumers spent more money on new vehicles than any previous September on record, an industry report from consultants J.D. Power-LMC Automotive showed on Wednesday.
new vehicle sales projections, jd power, auto demand
208
2022-04-28
Wednesday, 28 September 2022 09:04 AM
Newsmax Media, Inc.

Sign up for Newsmax’s Daily Newsletter

Receive breaking news and original analysis - sent right to your inbox.

(Optional for Local News)
Privacy: We never share your email address.
Join the Newsmax Community
Read and Post Comments
Please review Community Guidelines before posting a comment.
 
Get Newsmax Text Alerts
TOP

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved
NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved