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U.S. November New Vehicle Sales Forecast Down
November’s new-vehicle sales, when posted next week, are expected to fall in both volume and pace from last year’s levels. The November new-vehicle sales pace, or seasonally adjusted annual rate (SAAR), is forecast today by Cox Automotive to reach 15.7 million. This is up slightly from October’s 15.3 million pace, but significantly down from last year’s 16.5 million level. Through October, the monthly SAAR has averaged 16.2 million.*
“The new-vehicle sales pace had been expected to slow in the fourth quarter, and that’s what we are seeing,” said Cox Automotive Senior Economist Charlie Chesbrough. “The headwinds from higher prices and fewer government subsidies for electric vehicles are finally slowing the market after a surprisingly strong previous six months. Continue reading →