August light vehicle sales improved from the same period in 2023, coming in at an estimated 165,000 units (up 5.6%), but perspective is needed to understand how the month truly fared.
According to DesRosiers Automotive Consultants the first seven months of 2024 have, as a whole, been up 10.5% thanks to improved vehicle availability. They also noted August enjoyed growth from a year earlier, but highlighted that it is a month which regularly found itself above 180,000 units in the pre-pandemic years.
DAC said the SAAR for August 2024 came in at 1.81 million units, a robust figure and the highest they have seen since the “barnstorming” months of 2024’s first quarter — back when pent-up demand flooded the market. But keeping pace will be something else.
“From here on in, the ability of the market to keep producing significant percentage gains will be tougher,” said Andrew King, Managing Partner of DAC, in a statement. “The reason — the final four months of 2023 were when the market first saw noticeably improved inventory (albeit in certain segments and regions) and an uptick in the pace of sales.”
In last year’s final four months, DAC said the SAAR was consistently above 1.8 million. The result is tougher benchmarks for the market to beat this fall “if it is to continue to show gains.” The combination of rising unemployment, declining GDP per capita, and high vehicle prices mean the potential for percentage gains over the coming months is uncertain.
“From a corporate perspective, performances were wildly diverse in August, as has been the case throughout 2024 — with some players posting tough declines, while others smash sales records at an astonishing pace,” said DAC.
