- Annual new-vehicle sales pace in April is forecast to finish
near 15.9 million, up 0.2 million from last April's 15.7 million
pace and an increase from March's 15.5 million level.
- April's sales volume is expected to fall to 1.34 million units,
a 2.2% decrease from one year ago and a 6.8% decrease from
March.
- Fewer selling days are driving adjustments to lift the sales
pace, showing a healthy daily sales rate despite lower
volumes.
ATLANTA, April 24,
2024 /PRNewswire/ -- Cox Automotive forecasts a
decline in April's U.S. new-vehicle sales compared to last
year; however, the market remains on the road to recovery, with
vehicle sales at a healthy pace. Cox Automotive confirms its
forecast that 2024 will be the best year for new-vehicle sales
since 2019.
Sales volume this month is expected to fall 2.2% from
April 2023 to 1.34 million units. The
seasonally adjusted annual rate (SAAR), or selling pace, is
expected to finish near 15.9 million, up 0.2 million over last
year's pace and up 0.4 million from March's 15.5 million level.
There are 25 selling days in April, one less than last year and two
less than last month. Due to adjustments based on the number of
selling days, the sales pace is forecast to increase even though
sales volume will likely show a decline.
Healthy inventory levels and rising incentives continue to
support new-vehicle sales. At the beginning of April, the total
supply of available new vehicles was up 46% compared to last April,
according to the latest vAuto Live Market View data.
Cox Automotive Senior Economist Charlie
Chesbrough said: "Since April
2023, the new-vehicle SAAR has experienced some large
swings, with an average sales pace in the mid-15 million level.
This month, more volatility in the market is also expected,
although the sales pace is anticipated to rise slightly. Despite
high interest rates and elevated vehicle prices, consumers remain
resilient. Sales growth may be sluggish, but growth continues. And
we expect these conditions to persist throughout the year."
April 2024 New-Vehicle Sales
Forecast
|
Sales
Forecast1
|
Market
Share
|
|
|
Segment
|
Apr-24
|
Apr-23
|
Mar-24
|
YOY
|
MOM
|
Apr-24
|
Apr-23
|
YOY
|
|
|
Mid-Size Car
|
75,000
|
87,087
|
78,687
|
-13.9 %
|
-4.7 %
|
5.6 %
|
6.4 %
|
-0.8 %
|
|
|
Compact Car
|
105,000
|
92,040
|
114,420
|
14.1 %
|
-8.2 %
|
7.9 %
|
6.7 %
|
1.2 %
|
|
|
Compact
SUV/Crossover
|
260,000
|
223,401
|
277,474
|
16.4 %
|
-6.3 %
|
19.5 %
|
16.4 %
|
3.1 %
|
|
|
Full-Size Pickup
Truck
|
160,000
|
195,088
|
175,633
|
-18.0 %
|
-8.9 %
|
12.0 %
|
14.3 %
|
-2.3 %
|
|
|
Mid-Size
SUV/Crossover
|
225,000
|
240,241
|
243,193
|
-6.3 %
|
-7.5 %
|
16.9 %
|
17.6 %
|
-0.7 %
|
|
|
All Other
Segments
|
510,000
|
526,524
|
542,682
|
-3.1 %
|
-6.0 %
|
38.2 %
|
38.6 %
|
-0.4 %
|
|
|
Grand
Total
|
1,335,000
|
1,364,381
|
1,432,089
|
-2.2 %
|
-6.8 %
|
|
|
|
|
1 Cox Automotive Industry Insights
data
All percentages are based on raw volume, not daily selling
rate.
About Cox Automotive
Cox Automotive is the world's largest automotive services and
technology provider. Fueled by the largest breadth of first-party
data fed by 2.3 billion online interactions a year, Cox Automotive
tailors leading solutions for car shoppers, auto
manufacturers, dealers, lenders and fleets. The company has 29,000+
employees on five continents and a portfolio of industry-leading
brands that include Autotrader®, Kelley Blue Book®, Manheim®,
vAuto®, Dealertrack®, NextGear Capital™, CentralDispatch® and
FleetNet America®. Cox Automotive is a subsidiary of Cox
Enterprises Inc., a privately owned, Atlanta-based company with $22 billion in
annual revenue. Visit coxautoinc.com or connect
via @CoxAutomotive on X, CoxAutoInc on Facebook
or Cox-Automotive-Inc on LinkedIn.
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SOURCE Cox Automotive