The great sales achieved across the US automotive market in the first summer months have kept their growth trend into August, according to early reports and predictions.
The monthly sales forecast made jointly by J.D. Power and LMC Automotive predicts the sales level for new cars, trucks and crossovers in August could even surpass the figures recorded in May, becoming the best sales month of the year so far.
“We expect consumer spending on new vehicles in August to approach $39 billion, the highest level on record for the month of August and second-highest month ever behind July 2005 when it was $39.7 billion,” said John Humphrey, senior vice president of the global automotive practice at J.D. Power. “The record consumer spending is fueled by both high sales volumes and high transaction prices.”
According to another, separate, study, the Average Transaction Price – MSRP for the usual new vehicle sold in the US has climbed to $29,300, a record jump of $402 from the same period in 2013. August’s seasonally adjusted annualized rate (SAAR) for retail deliveries is expected to surge to 16.5 million vehicles, up from the 16 million predicted at the beginning of 2014. Also, the monthly sales are expected to climb to 1.3 million units (retail), with the total surging to 1.5 million autos.