New-Vehicle Sales Healthy in First 6 Months
NADA numbers show sales prices rose, though volume was down due to inventory shortages.
The average U.S. new-car dealership total sales in the first six months of the year were at $36.9 million, up slight from a year earlier.
IMAGE: Getty Images
A midyear National Automobile Dealers Association report on new-car business shows a still-robust period for retailers, despite continued manufacturing challenges that have narrowed supply and are forecasted to continue.
Despite inflation pressures, consumer demand for new cars and for service remained steady, the NADA data indicate.
The average U.S. new-car dealership total sales in the first six months of the year were at $36.9 million, slightly up from a year earlier. New-vehicle sales were down from 54.6% of sales dollars a year earlier to 48.7%, while used-vehicle sales rose slightly from a 34.9% share to 39.7%. Service and parts sales dollars also increased, from 10.6% to 11.7%.
Though new-vehicle sales prices jumped, fewer cars were sold due to inventory shortages. The new-vehicle sales average volume and price were 404 and $45,646, compared to 498 and $40,232 a year earlier.
Originally posted on Auto Dealer Today
More Auto Finance
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 →
First-Quarter Sees Long Auto Loan Growth
Experian data show more consumers are tapping the method, along with refinancings, to afford buying. Meanwhile, subprime borrowers are getting more access.
Read More →
Mastering Credit Friction
In this video, Josh Krach explains how to turn credit friction into an advantage.
Read More →
April Less Affordable
Based on prices, reduced incentives and slower household income growth, consumers found it more challenging to buy new last month, Cox Automotive reported.
Read More →
Auto Lenders, Consumers on a Tightrope
April borrowing data shows that more consumers are bending over backward to buy vehicles, though subprime lending cooled off for the month.
Read More →
Toyota Financial Services President Replaced
Scott Cooke has served in various roles with Toyota Financial Services for over 20 years, including president and CEO, which he retires from on June 30.
Read More →