October US Light Vehicle Sales on Pace for 10 Year Record

AutoInformed.com

Total light-vehicle sales in October are projected at 1.27 million units, a 6% increase from October 2013.

U.S. New-vehicle retail sales are expected to reach their highest level for the month of October since 2004, according to the latest forecast. Retail sales are projected to come in at 1.1 million units, a 6% increase, compared with October 2013. The retail seasonally adjusted annualized rate, aka SAAR, in October is expected to be 13.6 million units, 700,000 stronger than October 2013.

Consumer spending on new vehicles will exceed $32.5 billion in October, the highest level for the month of October since 2013 when consumer spending reached $30.7 billion.

Total light-vehicle sales in October 2014 are expected to reach 1.27 million units, a 6% increase from October 2013. Fleet volume is expected to be 203,000 units, or 16% of total light-vehicle sales.

In addition to overall better economic conditions, growth in retail sales and higher transaction prices are in part due to increasing consumer adoption of longer-term financing which makes purchases more affordable from a monthly payment perspective. Nearly one-third (32.6%) of all vehicles sold in October 2014 are financed with a term of 72 months or longer, tying the record set in July 2014, according to John Humphrey, of J.D. Power, the source of the auto sales soothsaying.

LMC Automotive maintains its 2014 U.S. light-vehicle retail sales forecast at 13.6 million units and total light-vehicle sales forecast at 16.4 million units. SUV sales have increased 12% in 2014 compared with 2013, while total new-vehicle sales have increased 5%. SUVs are expected to account for 34% of the light-vehicle market in 2014, up from 32 percent in 2013.

About Ken Zino

Ken Zino, editor and publisher of AutoInformed, is a versatile auto industry participant with global experience spanning decades in print and broadcast journalism, as well as social media. He has automobile testing, marketing, public relations and communications experience. He is past president of The International Motor Press Assn, the Detroit Press Club, founding member and first President of the Automotive Press Assn. He is a member of APA, IMPA and the Midwest Automotive Press Assn. He also brings an historical perspective while citing their contemporary relevance of the work of legendary auto writers such as Ken Purdy, Jim Dunne or Jerry Flint, or writers such as Red Smith, Mark Twain, Thomas Jefferson – all to bring perspective to a chaotic automotive universe. Above all, decades after he first drove a car, Zino still revels in the sound of the exhaust as the throttle is blipped during a downshift and the driver’s rush that occurs when the entry, apex and exit points of a turn are smoothly and swiftly crossed. It’s the beginning of a perfect lap. AutoInformed has an editorial philosophy that loves transportation machines of all kinds while promoting critical thinking about the future use of cars and trucks. Zino builds AutoInformed from his background in automotive journalism starting at Hearst Publishing in New York City on Motor and MotorTech Magazines and car testing where he reviewed hundreds of vehicles in his decade-long stint as the Detroit Bureau Chief of Road & Track magazine. Zino has also worked in Europe, and Asia – now the largest automotive market in the world with China at its center.
This entry was posted in sales and tagged , , . Bookmark the permalink.

Leave a Reply

Your email address will not be published. Required fields are marked *