New-Car Sales Rise in November
Strikes don’t impact deliveries, which are benefiting from rebounding inventory.
Retail sales alone are also up, by an estimated 13% to 1,041,000.
IMAGE: Pexels/Torsten Dettlaff
November new-vehicle sales are up an estimated 10% year-over-year, according to a J.D. Power forecast.
The data provider updated its seasonally adjusted annual rate to 15.5 million units, up by 1.4 million year-over-year.
Retail sales alone are also up, by 13% to 1,041,000, J.D. Power estimates.
The deliveries increase is due to continuously improved inventory, despite the union strikes in Detroit, it said, estimating that retail supplies will end the month at about 1.6 million units, up about 8% month-over-month and a whopping 44% year-over-year, though still down more than 40% from before the pandemic.
The rebalancing is pushing down the average retail sales price, which fell about 2% year-over-year in November to $45,332, J.D. Power said.
Dealer profits, though, are still high, it said. Profit per unit is an estimated $3,002, down about 29% year-over-year but “more than double” that of November 2019.
Originally posted on Auto Dealer Today
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