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Not even record incentive spending for the month is expected to keep May retail sales on pace with a year ago, according to the two firms.
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If the firm's forecast is realized, May's new-vehicle sales total would best April by 7% but would be flat with a year ago. The vehicle information site also believes retail sales will account for 80.5% of volume.
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The index's April reading was 124.7, a year-over-year improvement thanks to the 0.5% increase in wholesale used-vehicle prices. Manheim officials said any weakness is more a result of excessive new-vehicle inventory, with more than four million new units sitting on dealer lots for the last three months.
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Not even another strong performance in U.S. new-vehicle margins, a record quarter in the group's U.K. market, and a profitable quarter in Brazil were enough to offset "extreme weakness" in Group 1's energy price-impacted markets.
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April retail sales are expected to reach 1.17 million thanks to record incentive spending. However, average days to turn continues to rise, with nearly 30% of vehicles sold so far in 2017 having sat on dealer lots more than 90 days.
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According to the trade group’s NADA Data 2016 report, dealership employees had one of the highest average salaries of any industry.
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With the Industry SAAR falling below 17 million for the first time since August, the trade group said the industry's March sales performance 'suggests that sales may be plateauing.' The association said now is the time for dealers to tighten their operations and push back on any tax increases on consumers.
Read More →The California new-vehicle market leveled off in 2016, with new light vehicle registrations increasing by less than 2% during the final three quarters of last year, according to the California New Cars Dealers Association (CNCDA).
Read More →With sales skewed toward utility vehicles, the average transaction price for light vehicles rose by $757, or 2.3%, from a year ago to $34,352 in February, the firm reported today.
Read More →The group’s F&I operations posted a $60 increase in F&I profit per vehicle retailed during a quarter in which the nation’s eighth largest auto retailer chose volume over margin.
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