October Car Sales Figures Are In

October Car Sales Figures Are In

Light vehicle sales in the US have been on a roller coaster for the last several months. July represented a downward trend with profits plummeting 5.5 percent. October saw some minor gains, up .5 percent and well above most forecasts. This may give a hopeful indication for the remainder of the year's sales, but most economists are predicting this year will close out at a loss. 

While the figures have begun trending in the positive, they have certainly fallen from last year. Even with October's moderate gains, auto manufacturers have seen a nearly $600,000 fall. As with all businesses, there are some winners and some losers in this. Fiat Chrysler and Toyota managed several wins. GM, Ford, Nissan, and Honda are all in the red. 

A general reduction in the demand for new cars seems to be to blame, but the issue is far more complex than it appears. A combination of higher prices due to tariffs make the sticker price a bit of a shock. Elevated interest rates affect the customer's monthly payments. Gas prices are always a concern, with the current high prices a factor. Truck and SUV prices have become quite competitive in this market, especially with manufacturers who are not affected by the tariffs. 

We and our partners at Fix Auto Interbay here in Seattle, WA closely monitor any changes in the auto sales market, as it is an indicator of the overall health of the industry as a whole. Sales, service, and collision industries are all inextricably tied together, and a disruption in one sends ripples through the others.

Written By: Todd Hendrickson
Source: autoweek.com