Inventory conditions, though improved, continue to limit sales.
IMAGE: Getty Images/skynesher
The September light-vehicle sales rate bested analyst projections, clocking in at a seasonally adjusted, annualized 13.5 million, up nearly 10% year-over-year, said the National Automobile Dealers Association.
The month brought the third-quarter average SAAR to 13.3 million, about flat quarter-over-quarter.
September business got a boost from improved inventory over the decades low of September 2021, though Hurricane Ian had a negative impact, and inventory continues below normal levels due to supply-chain bottlenecks.
NADA said consumer demand may be cooling due to limited availability, continued higher vehicle prices and rising interest rates.
Inventory is expected to continue to loosen for the remainder of the year, NADA’s report said, though due to overall market pressures, new light-vehicles sales should be down from 2021.
READ MORE: Q3 New-Car Sales Mixed
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