Total new-vehicle sales in March increased 0.6% from a year ago to 1,545,802 units. The seasonally adjusted annual rate increased to 17.15 million units, according to Autodata Corp.
The spring thaw helped new-vehicle sales rebound in March, with the seasonally adjusted annual rate rising from last March’s 15.3 million rate to 16.4 million.
The market research firm says improvements in several key metrics last month are setting the stage for a spring rebound in vehicle sales.
New-vehicle sales are expected to rise nearly 2% year over year to 1.48 million units, Kelley Blue Book reports. The firm also expects the industry SAAR to be at its highest level for March since 2007.
New-vehicle retail sales in March are showing signs of improvement following slower-than-expected sales in the first two months of 2014, J.D. Power and LMC Automotive report.
Compared to March, April’s subprime loan approval rates fell by nearly 4 percent, according to CNW Research. The firm’s monthly automotive retail summary, however, shows a year-over-year increase in subprime approvals.
March’s retail SAAR should match February’s 12.1 million-unit reading, J.D. Power and LMC Automotive reported this week. The two firms also spot a stretching of loan terms, with 72-month or longer loans now at record levels.
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