Early readings suggest November delivered only marginal improvement on the U.S. auto front, with retail demand showing limited strength despite better results in the fleet sector, according to Cox Automotive’s latest Auto Market Weekly Summary.
New-vehicle sales rose 0.4 per cent in November compared with October, according to the Bureau of Economic Analysis. Dealers are likely to view the increase as modest given the month included two fewer selling days. Sales remain 7.3 per cent lower than a year ago and the pace of year-to-date growth has slowed to 2.7 per cent, down from nearly five per cent at the end of the third quarter.
The seasonally adjusted annual rate improved to 15.6 million, up from 15.3 million in October, but still well below last year’s 16.5-million pace. Fleet activity was again a key stabilizer. Bobit data shows total fleet sales rising 18 per cent year over year in November, driven by a 45 per cent surge in rental deliveries. Commercial and government fleet volumes remain down so far this year.
Cox Automotive’s report shows price data pointing to a market leaning on incentives to sustain momentum. The average transaction price edged up to $49,814, while average incentives rose 3.3 per cent in the month to 6.7 per cent of the selling price.
Broader economic signals were mixed. Gasoline prices fell below US$3 a gallon for the first time in four years, consumer sentiment improved, and inflation expectations eased. Weekly jobless claims dropped to their lowest level since late 2022, though private-sector hiring slowed. Income growth continued to outpace spending in September, while mortgage rates drifted slightly lower.
