BANDON, Ore. — Based on the first 20 days of September, CNW Research said the industry’s retail deliver rate should come in at 14.2 million units, putting retail sales at 14.5 million units for the year. If the firm’s prediction holds true, the industry should realize a 13 percent increase in reported sales, with deliveries up 11.7 percent.
Same-store sales were about 13 percent higher in the first 20 days vs. a year ago, with closing ratios swelling to 37 percent of floor traffic. Floor traffic, however, has slowed compared to previous months, but the total still tops traffic from a year ago. Among those intending to buy a car, “fuel economy of existing vehicles” (29 percent) was the No. 1 reason they’re in the market, followed by “existing vehicle no longer suitable for driving needs” (21.4 percent).
“CNW’s Purchase Path still shows that a majority of consumers who are looking to make a new-vehicle acquisition are planning to remain in the market segment and counting the new vehicle to provide greater fuel efficiency,” wrote CNW’s Art Spinella. “Roughly 18 percent say they are moving from a truck to a car, with 11 percent reporting they intend to move from a car to a truck.”
CNW also reported that September’s jitters index inched up by 0.38 percent. “Americans are putting many of their home-centric economic worries on hold until the Presidential election is over,” Spinella concluded.
As voters await the election, CNW found that the presidential candidates held a bearing on consumers’ expectations for fuel prices, among other major issues. Policies that could improve gas prices put President Obama at negative 37 percent among survey respondents in terms of his likelihood to assist with declining fuel prices, while 21 percent expect Romney to aid with lower costs, according to CNW.
“When asked about each of the home-centric main categories, Governor (Mitt) Romney was viewed as being able to have a quicker positive impact on their lives, while the overall score for President (Barack) Obama was on the negative side of the scale,” Spinella wrote.