U.S. Light Vehicle sales totaled 1.17 million units in September, according to a preliminary analysis just released by the respected GlobalData consultancy. The annualized selling rate for the month was 15.8 million units/year, up from 15.2 million units/year in August. The daily selling rate was estimated at 50,700 units/day in September, down from 50,900 in August. Light Vehicle (LV) sales fell by 13.1% year-on-year (YoY). September lacked the Labor Day holiday weekend this year, and “with only 23 selling days in the month compared to 26 in 2023, the month was always likely to be weak in terms of an adjusted YoY comparison,” GlobalData said.

“September sales were in line with our forecast, although our expectations were modest for what was always penciled in to be a quieter month. Even though the Federal Reserve cut interest rates by 50 basis points – above the expectations of many analysts – it is likely to take some time for lower borrowing costs to feed through to the auto industry. Generally, high vehicle pricing is keeping monthly payments elevated, and therefore some consumers are still sitting on the sidelines,” said David Oakley, Manager, Americas Sales Forecasts at GlobalData.

“However, leasing deals and heavier discounting for certain Electric Vehicles (EVs) provide the opportunity for buyers to find a bargain, depending on their vehicle needs. Hurricane Helene struck a large swath of the southeastern United States right before the closing weekend of the month, and quarter. Volumes likely would have been marginally stronger without Helene’s destructive presence,” said Oakley.