Start of summer signals increase in new vehicle sales
Posted on Friday, June 21, 2013 at 4:33:35 PM
New vehicle sales are expected to build on their strong spring trend, with positive sales forecasted for the start of summer. A joint monthly sales forecast developed by the Power Information Network from J.D. Power and LMC Automotive predicts no decline.
New vehicle sales are projected to be at 1,118,800 vehicles for the month of June, which is an increase from the month of May, the report said.
"There is little question that the automotive market has strong momentum as we close out the first half of 2013," said Jeff Schuster, senior vice president of forecasting at LMC Automotive.
Despite the hot start, sales of premium vehicles are down to an 11.7 percent share of all new vehicle sales, lower than the mark of 12.9 percent set June, 2012. The price of new vehicle sales increased as well, now at an average of 28,900 - a June record.
Many prospective buyers are taking the necessary auto financing steps in order to purchase new vehicles, maintaining the strong numbers.
"Looking forward, all the key fundamentals are in alignment to continue the current growth trend," added Schuster.
According to the LMC Automotive forecast, the prediction for the rest of 2013 continues to be bright, expecting total vehicle sales to number 15.4 million units.