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August Car Sales Likely to Be Strongest This Year
Passenger vehicle sales in the U.S. are expected to reach 1.5 million units in August a record for the year to date, according to the monthly forecast by J.D. Power and LMC Automotive.
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Passenger vehicle sales in the U.S. are expected to reach 1.5 million units in August a record for the year to date, according to the monthly forecast by J.D. Power and LMC Automotive.
The firms also predict the seasonally adjusted annual sales rate for April will climb to a record 16.5 million compared with 16.4 million in July. The rate for August 2013 was 15.9 million.
Retail sales which exclude fleet business and are considered the more accurate measure of consumer demand for new vehicles will grow 3% to 1.3 million from July to August, the forecast says. It estimates consumer spending on new vehicles for the month will set an all-time record of nearly $39 billion.
Power/LMC expects full-year sales to total 16.3 million, including 24.5 million retail sales. Both figures are 5% higher than in 2013.
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