U.S. October auto sales are expected to dip slightly from the previous month, and even more so year-over-year — but the numbers should remain consistent with the market’s 2018 overall average, according to a forecast by Cox Automotive.
New light vehicle sales are predicted to reach 1.33 million units, down nearly 90,000 units or 6.6 per cent from September 2018. A decline of nearly 25,000 units or 1.9 per cent YOY is also anticipated.
Last year’s seasonally adjusted annual rate (SAAR) reached the 17.9 million level in October 2017, and remained around the 17.4 level in September 2018. This year however, Cox Automotive expects a noticeable decline, with the sales pace in October falling to 17.1 million units.
“The October sales pace should decline from September, and decline from last October’s strong 17.9 million level,” said Charlie Chesbrough, senior economist at Cox Automotive. “Double-digit declines in car segments will continue to weigh down the market, while modest gains with many trucks and crossovers will not be enough to lift the pace to higher levels.”
Most manufacturers will see YOY decreases, with Ford and General Motors likely to experience the largest decline due to aging products, poor car sales and tighter incentives. Jeep is expected to continue to perform due to consumer demand for its rugged crossovers. Most other vehicle segments will see declining YOY sales.
