New-car sales in the United States have been making records, and that’s expected to continue in October, said Kelley Blue Book.
Sales for new vehicles are expected to increase nearly 12 per cent year-over-year to a whopping 1.43 million units in October 2015 —the highest October sales volume since 2001, said KBB analysts.
They expect the seasonally adjusted annual rate (SAAR) for October 2015 to be 17.9 million, up from 16.5 million in October 2014 but down from 18.1 million in September 2015.
“Coming off the strongest sales month in a decade in September, sales continue to roll along this month, with double-digit growth expected for the industry in October 2015,” said Alec Gutierrez, senior analyst for Kelley Blue Book, in a written release.
“Key economic indicators for auto sales are still strong, including jobless claims at a historic low as the national employment rate approaches five per cent, fuel pricing nearing six-year lows and interest rates that remain near zero,” added Gutierrez.
Most brands are experiencing growth this month, said analysts. Ford is showing strong growth, fuelled by F-Series sales and its refreshed Explorer model.
Compact utility vehicles will once again be the top segment, with expected growth of nearly 40 per cent, said analysts.
But low fuel prices and the exploding popularity of small utilities means small and midsize cars will continue to lose market share in October, analysts said.
