November 2022 increased 19% year-over-year (YoY), with 920,000 cars registered. Year-to-date (YTD), sales remain down (-6%) because vehicle supply is still a problem.

During 2022, supply constraints have led to long lead times for new vehicles, and in the process ensured that transaction prices are well above historical norms. For 2023, LMC assumes these bottlenecks will ease as the year progresses. “However, the demand side is also fraught with headwinds including high inflation, falling consumer confidence, stretched household budgets and tighter monetary policy. We assume 2023 will comfortably outpace 2022 though we are a little more cautious than last month as we balance the ongoing risks to both supply and demand,” LMC said.