The United States auto industry is poised to log its highest November sales performance since 2001. TrueCar and Cars.com are expecting seasonally adjusted, annualized selling rate in November to reach 17 million, thanks to year-end clearance sales and the lowest pump prices since 2010.
John Krafcik, president of TrueCar, said in a statement, noted the promotions that brands schedule around “Black Friday,” which he dubbed as the start of the “final epic selling season of the year.” He noted that season has started earlier this year than ever.
He remarked that hard-hitting sales events, great new products and receptive consumers are paving a way for a 17 million SAAR in November. On the other hand, Edmunds.com is forecasting a 16.7 million SAAR in November while LMC Automotive placed the figure at 16.5 million.
The four groups are giving forecasts reflecting a surge of between 1 percent and 4 percent from the 1,243,888 light vehicles sold in the month in 2013. A 17 million SAAR – as forecasted by TrueCar and Cars.com – would pave way for the industry’s second-highest November sales, just next to the SAAR reported in November 2001, when carmakers sold over 1.3 million vehicles.
Kelley Blue Book expects the industry to grow 2.2 percent in November to 1.27 million units, for a SAAR of 16.8 million. Jeff Schuster, vice president of forecasting at LMC, remarked that last months of 2014 is “shaping up as expected.”
He quipped that they expect the US light vehicle market to sold 17 million units in 2015, thanks to upside momentum brought by stronger economy, significant new model activity and low gas prices.