Robust demand and increased vehicle availability drive significant growth.
LMC Automotive and J.D. Power predict U.S. auto retail sales will rise in October as supply chains improve and make more vehicles available to dealerships.
The average interest rate paid on a new vehicle purchase hit 5.7% in September, up from about 4% in 2021.
Industry analysts predict U.S. auto retail sales will dip in January as manufacturing slows.
Consumers ranked Tesla’s app the highest, but respondents reported they were not completely satisfied with any of the apps they tested.
Combined sales at the seven major automakers that release monthly results dropped 17% in October. Automakers cite the semiconductor chip shortage and supply chain bottlenecks as the reason.
The intent of the alliance is to give consumers more flexible choices when making vehicle purchase decisions.
Michael Stanton Jr., former vice president and general manager of J.D. Power’s Vehicle Valuation Practice, formerly known as the NADA Used Car Guide, has returned to the NADA to work across the organization on strategic and operational issues.
Wholesale prices of used vehicles up to eight years in age fell by 1.2% in August. Over the past five years, however, losses for the period averaged a more significant 2.2%.
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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