Edmunds: New-Vehicle Sales Record in Reach
Edmunds.com believes the industry will sell 1,629,011 new cars and trucks in December. If realized, the prediction puts the industry on pace to break last year's sales record. But the firm says it'll be a photo finish.
SANTA MONICA, Calif. — Edmunds.com is forecasting the sale of 1,629,011 new cars and trucks in December. If realized, the prediction puts the seasonally adjusted annual rate (SAAR) at 17.7 million, an 18.5% increase from the same time last year.
Based on this forecast, Edmunds.com is projecting a new annual record of 17,480,294 new cars and trucks sold in the U.S. market in 2016, a 0.03% increase from last year’s record.
“While December sales are tracking to finish lower than they did last year, dealers and automakers are hustling to squeeze out just enough units to set an annual record,” said Jeremy Acevedo, Edmunds.com senior analyst. “It’s safe to say that the final week of the year will decide whether 2016 will make automotive history. It’s shaping up to be a true photo finish.”
This final week, the firm noted, is traditionally the single busiest week of the year. This year, the firm projects that new car sales during the final week of December will be 72% higher than the averages seen during the previous three weeks of the month.
By Edmunds’ estimates, retail SAAR will come in at 15 million in December, with fleet transactions accounting for 15.2% of total sales. On the used-car front, 2.6 million used cars will be sold in December, for a SAAR of 38.2 million. The firm also believes GM, Toyota and Ford will be the top-selling brands with market share of 18.4%, 14.5% and 14.3%, respectively, according to Edmunds.
More Auto Finance
Subaru Enters Lending Business
The automaker follows other brands in adding captive financing in the U.S., and says the move will strengthen its position here.
Read More →
Positive Equity Reaches Record High
Mainstream vehicle owners who bought a car seven years ago are likely to have positive equity when trading in for a new vehicle, according to second-quarter Edmunds data.
Read More →
Dealerships Are Paying the Price for Extended Car Loans
Growing negative-equity scenarios mean such lengthy terms should be addressed in a forward-looking way to make them work for the dealer and the consumer down the road.
Read More →
Trade-Ins in Negative Equity Reach New Heights
As such trade-ins rise in frequency, so do monthly loan payment amounts and interest rates, according to second-quarter data compiled by Edmunds.
Read More →
Auto Credit Plentiful
June numbers show lenders are readily granting access, including to risky borrowers, as consumers leverage themselves to take on high prices.
Read More →
Automotive Consumers Sink Further in Debt
Most financing metrics hit records in the second quarter as more buyers locked themselves into long terms and high monthly payments.
Read More →
Porsche Financial Services Shifts Structure
After 36 years with Porsche, the Financial Services Chief Financial Officer Konrad Riedl is retiring, and the department is realigning its management structure.
Read More →
Tariffs Could Raise Insurance Premiums
As U.S. import tariffs affect repair costs, consumers might find it more affordable to replace a damaged vehicle, according to recent Insurify tariff analysis.
Read More →
Smaller Loans, Longer Terms
The youngest generation of car buyers is more likely to finance less expensive vehicles, more than half of generation Z consumers borrowing less than $25,000.
Read More →
New Cars a Tad More Affordable
May averages show that combined circumstances gave auto consumers slightly better buying power for the month, though average prices were up year-over-year.
Read More →