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Tag Archives: Thomas King
US August 2023 New Vehicle Sales Forecast up 15%
Bidenomics is clearly working in AutoInformed’s point of view. The latest data show a continuing trend that started after President Biden was elected and began a recovery from the economic reverses and job losses from the Trump Administration. Trump was the first president since Herbert Hoover who left office having presided over an the Great Depression economic disaster and with far fewer jobs than existed at the outset. Continue reading
US July Vehicle Sales Forecast Up Significantly Again
Total new-vehicle sales for July 2023, including retail and non-retail transactions, are projected to reach 1,320,982 units, a 21.5% increase from July 2022, according to a joint forecast released today from J.D. Power and GlobalData.* Total sales of new vehicles this month are expected to reach 1,320,982 units, a 21.5% increase compared with July 2022 when adjusted for selling days.
Bidenomics is clearly working in AutoInformed’s point of view. (July 2023 has 25 selling days, one less than July 2022.) Comparing the same sales volume without adjusting for the number of selling days translates to an increase of 16.8% year-over-year. The seasonally adjusted annualized rate (SAAR) for total new-vehicle sales is expected to be 16 million units, up 2.6 million units from July 2022. Continue reading
June US New-Vehicle Sales Forecast Up Again
“The 2023 theme of strong sales growth, enabled by increased vehicle production and pent-up demand, is continuing in June. On a volume basis, June year-to-date total sales will be just more than 7.6 million units – an increase of 13.6% – but still below pre-pandemic sales levels which were north of 8 million, said Thomas King, president of the data and analytics division at J.D. Power, which is part of GlobalData. Continue reading
May US Light Vehicles Sales Forecast Up 20%
“The industry is positioned for another strong month in May as retail sales are estimated to surge 9.6% from a year ago. This positive performance is complemented by a projected 0.7% increase in average transaction prices. As a result, it is anticipated that consumers will spend nearly $47 billion on the purchase of new vehicles in May, showcasing a significant 13% growth from a year ago,” said Thomas King, president of the data and analytics division at J.D. Power. Continue reading
Posted in economy, results, sales
Tagged auto industry commentary, autoinformed.com, GlobalData, j.d power, Jeff Schuster, Ken Zino, lmc automotive, Thomas King
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US New Vehicle Sales Soar in April 2023 at 1.3 Million
“The industry is poised for another favorable month in April, with projected retail sales expected to increase 5.9%, accompanied by a 2% increase in average transaction prices. Consequently, it’s expected that consumers will spend ~$47.5 billion on new vehicles this month, reflecting 2.9% growth compared with the same month a year ago,” said Thomas King, president of the data and analytics division at J.D. Power. Continue reading
Posted in economy, results, sales
Tagged auto industry commentary, autoinformed.com, J.D. Power and LMC Automotive, Ken Zino, Thomas King
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March US Auto Sales Forecast Up. Q1 to Set Spending Record
“March is shaping up to be yet another positive month for the industry. With retail sales forecasted to be up nearly 2%, along with average transaction prices tracking up 3.5%, consumers are on pace to spend nearly $50 billion this month, an increase of 5.5% from what they spent on new vehicles a year ago,” said Thomas King, president of the data and analytics division at J.D. Power. Continue reading
Recession? US Consumer Auto Spending at Record Levels
Retail sales of new vehicles this month are expected to reach 907,900 units, a 0.1% increase from February 2022. New-vehicle transaction prices continue to rise, with the average price reaching a February record of $46,229, a 4.8% increase from a year ago. Consumers are forecast to spend ~$42.0 billion on new vehicles this month—the most ever for the month of February and an increase of 5.0% from February 2022, as the Biden Administration economic recovery continues. Continue reading
Posted in news analysis, sales
Tagged auto industry commentary, autoinformed.com, bevs, Elizabeth Krear, j.d power, Ken Zino, lmc automotive, PHEVs, Thomas King
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January US Vehicle Sales Up as Transaction Prices Hit Record
The record transaction prices means that buyers are on track to spend nearly $39.9 billion on new vehicles this month, the highest level ever for the month of January, an increase of 2.4% from January 2022 despite the Federal Reserve’s efforts to send the US into a recession. The looming Republican creation of a depression over the deficit, aka Congressional contract hit on America II, remains ominous. Continue reading
December US Sales Up. Transaction Prices at Record Highs
Total new-vehicle sales for December 2022, including retail and non-retail transactions, are forecast to reach 1,254,700 units, a 5.3% increase from December 2021, according to a joint forecast from J.D. Power and LMC Automotive.* December 2022 has the same number of selling days as December 2021. The record transaction prices means that buyers are on track to spend nearly $48.2 billion on new vehicles this month, a slight -0.3% decrease from December 2021. Continue reading
Record September for US New-Vehicle Spending at $45,622
While there is a great deal of fretting about the Federal Reserve’s monetary tightening, during September, new-vehicle prices remain at the highest levels, with the average transaction price expected to reach $45,622 – a record for September. This is a 6.3% increase from a year ago and the fourth highest of any month on record. The increase in sales volume, coupled with the near record level transaction prices, is resulting in consumers being on track to spend nearly $43.7 billion on new vehicles this month, the highest level ever for the month of September and a 12% increase from September 2021. Continue reading
Posted in economy, sales
Tagged auto industry commentary, autoinformed.com, j.d power, Jeff Schuster, Ken Zino, lmc automotive, saar, Thomas King
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US Retail New Vehicle Sales to Decline in July. Prices Up
Higher prices along with a rising interest rates are leading to monthly loan payments reaching new all-time highs. After breaking $700 for the first time ever in July, the average monthly finance payment in August is forecast to hit a record $716, up $78 from August 2021. That translates to a 12.2% increase in monthly payments from a year ago, which is above the 11.5% increase in transaction prices. Continue reading
Posted in economy, news analysis, sales
Tagged auto industry commentary, autoinformed.com, j.d power, Ken Zino, lmc automotive, Thomas King
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US July Sales Forecast Down. Prices, Profits Still Records
Total new-vehicle sales for July 2022, including retail and non-retail transactions, are projected to reach 1,159,700 units, a 5.7% decrease from July 2021. Comparing the sales volume without adjusting for the number of selling days translates to a decrease of 9.2% from 2021. The seasonally adjusted annualized rate (SAAR) for total new-vehicle sales is expected to be 13.7 million units, down 0.9 million units from 2021. Continue reading
US June Vehicle Sales Forecast is Down on Record Prices
New-vehicle retail sales in Q2 2022 are projected to reach 2,977,300 units, a 23.3% decrease from Q2 2021 when adjusted for selling days. New-vehicle retail sales for the first six months 2022 are projected to reach 5,827,300 units, a 19.1% decrease from the first six months of 2021 when adjusted for selling days. The first half of 2021 was an all-time record for retail sales. Power/LMC make no note of the Federal Reserve Board, which appears to be dedicated to sending and keeping the economy in a recession. Continue reading
Posted in economy, sales
Tagged auto industry commentary, autoinformed.com, J.D. Power and LMC Automotive, Ken Zino, Thomas King
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April US Auto Sales About to be Highest Ever. Blip or Trend?
Total new-vehicle sales for April 2021, including retail and non-retail transactions, are forecast to reach 1,479,800 units, a 107.1% increase from April 2020 and a 7.8% increase from April 2019 when adjusted for selling days. Reporting the same numbers without controlling for the number of selling days translates to a 107.1% increase from April 2020 and a 12.1% increase from April 2019. The seasonally adjusted annualized rate (SAAR) for total new-vehicle sales is expected to be 18.1 million units, up 9.4 million units from 2020 and up 1.7 million units from 2019. Continue reading
Consumer Spending Spree – October US Auto Sales
Total US new-vehicle sales during October 2023 are forecast to reach 1,201,800, a 6.6% increase from October 2022, according to numbers just released by J.D. Power and GlobalData.* The seasonally adjusted annualized rate (SAAR) for total new-vehicle sales is expected to be 15.5 million units, up 0.9 million units from October 2022. Retail buyers are on pace to spend $43.7 billion on new vehicles, up $0.3 billion from October 2022. Continue reading →