TrueCar, Inc. expects total new vehicle industry sales to reach 1,136,329 units in November, up 7% from a year ago and about on par with October, when adjusted for the same number of selling days.
This month's seasonally adjusted annualized rate (SAAR) for total light vehicle industry sales is an estimated 14 million, up 9% from November 2021. Excluding fleet sales, TrueCar expects U.S. retail deliveries of new cars and light trucks to be 954,799 units, about even from a year ago and down about 3% from October.
"Inventories are on pace for a fourth consecutive month of double-digit increases. Consumers, however, continue to face affordability challenges and high monthly payments, keeping many on the sidelines," said Zack Krelle, industry analyst at TrueCar. "To maintain sales momentum, manufacturers appear to be shifting some of the new supply to non-retail sales."
November fleet sales are up 68% year-over-year, and up 21% over October.
"A TrueCar survey showed that 77% of shoppers are brand agnostic, open to finding whichever make meets their needs. Because incentives and price reductions have not yet materialized, there's a larger potential for brand conquesting," said Justin Colon, vice president of OEM Solutions at TrueCar. "There is potential for a growth-minded OEM to lean into this opportunity."
Additional November Industry Insights (from TrueCar):
- Total sales for November are expected to be up 7% from a year ago and about even with October when adjusted for the same number of selling days.
- Fleet sales for November are expected to be up 68% from a year ago and up 21% from October when adjusted for the same number of selling days.
- Average transaction price for new vehicles is projected to be up 3% from a year ago and down 1% from October.
- Total SAAR is expected to be up 9% from a year ago at 14 million units.
- Used vehicle sales for November are expected to reach almost 3 million, down 13% from a year ago and even with October.
- The average interest rate on new vehicles is 6.6% compared to October at 6.3% and the average interest rate on used vehicles is 9.8%.
- The average loan term on a new vehicle for November is about 70 months and the average loan term on a used vehicle is about 71 months.
Source: TrueCar
