September U.S. new vehicle sales projected to increase 13.8%

For the sixth consecutive month new vehicle sales in the United States have experienced a double-digit growth, with September showing an increase of 13.8% from the same period in 2022.

As September is not yet over, the total new-vehicle sales forecast for the month, including retail and non-retail transactions, sits at 1,309,900 units, based on a joint forecast from J.D. Power and GlobalData. And although September 2023 does have one more selling day than in 2022 J.D. Power noted that, when comparing the same sales volume without making any adjustments to the number of selling days, the final 2023 tally shows an increase of 18.3% from a year earlier.

“September finishes out the quarter relatively strong with double-digit year-over-year sales growth for a sixth consecutive month. Year-to-date total sales through September will be slightly more than 11.6 million units — an increase of 14.5% from a year ago — but still below pre-pandemic levels when sales were north of 12.7 million units,” said Thomas King, president of the data and analytics division at J.D. Power, in a statement.

King also said that the UAW (United Auto Workers labour union) work stoppage had a negligible effect on this month’s sales. “However, depending on the duration and scope of the stoppage, there could be disruption to sales results in October and beyond,” he added.

Inventory levels for retail are anticipated to finish around 1.3 million units this month, representing a 15.4% increase from August and a 36.5% boost from September 2022 — though, again, still below pre-pandemic levels. Fleet sales are expected to jump 56.3% from the same period last year.

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