According to a recent report by J.D. Power and Associates, the new vehicle selling rate in August is expected to be the highest rate in more than four and a half years.
Retail light vehicles sales are projected to have sold 1,066,200 units, representing a seasonally adjusted annualized rate of 12.3 million units.
“August continues this summer’s trend of healthy growth in retail sales as dealers work to sell down inventory in time to make room for 2013 models,” said John Humphrey, senior vice president of global automotive operations at J.D. Power and Associates. “To date, automakers have been diligent in better balancing production with demand, which has been critical to the improved financial performance for many brands.”
Humphrey added that, from now on, the discipline will be tested while demand cools off throughout the year.
Kelly Blue Books also put out a recent report estimating that vehicle sales will be even higher for the month of August. KBB forecasts the number to reach 1,273,000 units, up 18.7 percent on a year-over-year comparison.
via Auto Finance News.