AutoInformed

Click for more.

Total new-vehicle sales for November 2023, including retail and non-retail transactions, are projected to reach 1,236,000 units, a 10.2% increase from November 2022, according to a joint forecast from J.D. Power and GlobalData* released today. The seasonally adjusted annualized rate (SAAR) for total new-vehicle sales is expected to be 15.5 million units, up 1.4 million units from November 2022. New-vehicle retail sales for November 2023 are forecast to increase when compared with November 2022. Retail sales of new vehicles this month are expected to reach 1,041,000 units, a 13.0% increase from November 2022. In AutoInformed’s view so-called Bidenomics continues to benefit the economy

“November results indicate a robust performance with double-digit year-over-year sales growth and record consumer expenditures for the month. The consumer expenditure record was due to strong sales growth, which outweighed a 1.9% decline in transaction prices,” said Thomas King, president of the data and analytics division at J.D. Power. “Sales growth is being enabled by improving vehicle availability. Despite the nearly six-week UAW work stoppage, retail inventory levels in November are expected to finish around 1.6 million units, a 7.5% increase from last month and 43.7% increase compared with November 2022, but still over 40% below pre-pandemic levels, King said. Continue reading →