New-Vehicle Sales Keep Rising
September results continue year’s streak; NADA expects more of the same.
Inventory rose to an estimated two million units by the end of the month, NADA said.
IMAGE: Pexels/Sarmad Mughal
New light-vehicle sales extended a year-long streak of gains in September, reaching 15.7 million units, the National Automobile Dealers Association said.
The 14.4% year-over-year increase represented the 13th straight month of gains, NADA said, as the industry continued its recovery from the pandemic. Third-quarter sales totaled 3.95 million units, up about 17% year-over-year.
Inventory started September at 1.93 million units, NADA said, and it predicted it ended the month at about 2 million.
The industry trade group, which represents new-vehicle dealers, said it sees sales finishing the year in the same vein and to be significantly up over 2022 deliveries. In fact, it padded its earlier 2023 sales forecast up to 15.4 million units, though Chief Economist Patrick Manzi said the strike’s impact on the final result is hard to predict.
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