US auto sales in July 2014 expected to reach up to 16.8 million in SAAR

Article by Christian A., on July 28, 2014

The growth of auto sales in the United States may have slowed down in July 2014 from a month ago, but forecasts still say that the rate would still be at least 9 percent better than in the same period in 2013, LMC Automotive, Kelley Blue Book, Edmunds.com and TrueCar.com all expect a seasonally adjusted, annualized selling rate of between 16.6 million and 16.8 million in July, compared to a SAAR of 17 million in June.

According to LMC, while retail sales in July will be higher than last month, fleet deliveries will drop nearly 40 percent. Jessica Caldwell, a senior analyst for Edmunds.com said in a statement that the figures in July are the clearest indication that retail buyers are driving market demand.

She remarked that customers ignore news of recalls and rising gas prices and instead focus on affordable interest rates and other incentives that make it easier to purchase a new vehicle.

Due to the good showing in July, LMC hiked its 2014 full-year forecast to 16.3 million vehicles, the same figure expected by KBB. TrueCar, meanwhile, hiked its forecast to 16.35 million.

Carmakers combined posted a 4-percent surge in sales in the first six months of 2014 to 8.16 million vehicles. Jeff Schuster, senior vice president of forecasting for LMC, said in a statement, remarked that the recovery of the US auto industry outpaces that of the US economy.

He said that there would be an upward momentum in US light-vehicle sales if the rest of 2014 keeps pace with recent months and the expected improvement level in the US economy is realized. TrueCar remarked that while incentive spending dropped less than 1 percent from June, it surged 7 percent year-on-year.

If you liked the article, share on:

Topics: united states, sales

Comments

Recommended

It has been nearly eight years since Toyota entered a new era of sports cars when it officially unveiled the production version of the Toyota 86 – also known as...
by - February 27, 2019
The new Audi TT RS – yes, the top version of the German carmaker’s facelifted TT model series – is now officially here. If you could remember, the range-topping TT...
by - February 18, 2019
Nearly half a year ago when McLaren Automotive unveiled the McLaren 600LT Coupe, the British carmaker is now introducing a version that lets its passengers enjoy the thrill of an...
by - January 25, 2019
German carmaker Volkswagen is now making the latest evolution of the new Volkswagen Golf GTI -- the new Golf GTI TCR. First unveiled as a concept at the annual GTI...
by - January 24, 2019
It has been three and a half years since BMW unveiled the sixth generation of the BMW 7 Series. Thus, it is really about to give the 7 Series a...
by - January 17, 2019