US Light Vehicle sales in April reached their highest level so far this year, according to LMC Automotive, a leading automotive forecasting and market intelligence company. The 1.26 million units sold represent a -17% YoY decline, but volumes were up by about 5,000 units from March. The annualized rate grew to 14.7 million units, about 1.3 million units more than in March.

“However, April 2022’s SAAR was down by 21.9% compared to the stellar sales pace seen in April of 2021 which was driven by strong consumer demand and enough inventory available to meet that demand. April 2021 was one of the last sales months before inventory began to decline significantly and limit the sales pace. We don’t expect that April’s month-end inventory level will change much from March’s level of 1.23 million units as the industry is still unable to produce enough vehicles to meet current demand, let alone restock dealer lots,” said Patrick Manzi, NADA’s Chief Economist.