Vehicle sales dip in August

by NAFCU Newsroom

Total vehicle sales fell slightly from 13.3 million annualized units in July to 13.2 million annualized units in August, with monthly sales levels up 0.7 percent year-over-year. NAFCU Chief Economist and Vice President of Research Curt Long analyzes the data in a new Macro Data Flash report.

“Prices remain red-hot as global and domestic production continues to be constrained by chip shortages,” said Long. “Using dealership data, CoPilot found that on average used cars are commanding a $10,000 premium when compared to pre-pandemic price trends.

“Furthermore, according to Kelly Blue Book, the average new-vehicle transaction price for July is projected to be the highest on record,” added Long. “While that is bad for consumers, J.D. Power estimates the industry will have grossed $45.3 billion in July, the second-highest level in July on record.”

Car sales were unchanged in August with 2.8 million annualized units sold. Light truck sales fell from 10.5 million annualized units to 10.3 million.

 

continue reading »