(Reuters) – U.S. auto retail sales for April are expected to be the highest on record for the month, helped by strong consumer demand and tighter inventory at dealerships, industry consultants JD Power said on Wednesday. and LMC Automotive.
Retail sales of new vehicles in April are expected to reach 1.3 million units, up 110.6% from a year ago, the statement said.
Total auto sales for April, including retail and non-retail sales, are expected to reach 1.5 million units, an increase of 107.1% from the same period in 2020.
âWith the pace of sales outpacing the pace of vehicle production, compounded by significant production disruptions due to shortages of microchips, there is a growing risk to the industry’s ability to maintain the current pace of sales in companies. months ahead, âsaid Thomas King, president of the data and analytics division at JD Power.
Average transaction prices are expected to rise 6.8% to $ 37,572, the highest on record in April, while average incentive spend per unit is expected to drop to $ 3,191 from $ 4,953 last year.
King said low inventory “has allowed manufacturers and retailers to cut discounts” and consumers are willing to purchase vehicles closer to the Manufacturer’s Suggested Retail Price (MSRP) and more expensive vehicles.
The seasonally adjusted total annualized rate for the month will be 18.1 million vehicles, up from 16.4 million units in 2019, the report says.
(Reporting by Shreyasee Raj in Bengaluru; Editing by Ramakrishnan M.)