U.S. new vehicle retail sales set to fall 25% in Sept
(Reuters) – U.S. retail sales of new vehicles are expected to fall nearly a quarter in September, hurt by depleting inventories, even as consumer spending remains strong, consultants J.D. On Tuesday, Power and LMC Automotive shared a forecast.
From 1,182,788 last year, new car retail sales are expected to fall to 888,900 units for September in the United States.
J.D. Power stated that September results showed “there are just not enough vehicles to satisfy consumer demand.” Power stated in a statement.
Although personal transportation demand is high and will continue to rise, consumers plan to spend billions this September. But, supply chain disruptions, semiconductor shortages, and other issues are making it difficult for automakers.
This gap in demand is causing record car prices. In September, the average transaction price was $42,802, J.D. Power claimed.
After cooling in July and June, the prices of used vehicles are starting to rise as the autumn season begins. Power was added.
LMC Automotive said that recovery may not be possible until 2022 or 2023 due to worsening disruptions.
The seasonally adjusted annualized rate of new vehicle sales in September will be 12.2 Million. This is four million less than 2020, and 800,000.fewer than 2019.
General Motors Co. (NYSE:) Inc. and Tesla (NASDAQ.:) Inc. are scheduled to announce their quarterly and monthly deliveries within the next two week.
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