There have been 12 consecutive months of sales increases so far this year, compared to 2022. The last time something like this occurred was in November 2015, which saw a noteworthy 32-month run of year-over-year sales increases.
That is according to DesRosiers Automotive Consultants’ latest sales update for October 2023. Based on reporting manufacturers, DAC estimates that last month’s sales came in at 145,957 units — up 20.0% from the same period in 2022.
“The market has been on a tear the last three months with gains close to 20% each month,” said Andrew King, Managing Partner of DAC, in a statement. “Clearly pent-up demand and improved vehicle availability are overcoming the headwinds caused by high interest rates and stagnant GDP performance.”
The seasonally adjusted annualized rate (SAAR) for October came in at 1.79 million, which is the strongest DAC has seen since January. “Tempering our joy somewhat is the fact that October 2022 was a very weak comparable — indeed the worst October since 2009,” they added.
Furthermore, October’s performance remains below pre-pandemic levels. The same month in 2019 saw sales reach nearly 160,000 units. That to DAC is an indication that there is still a way to go. Still, they did note that 12 months of gains is something to celebrate.