Edmunds: Retail Sales ‘Prop Up’ Market

By Staff Writer June 26, 2020 421

Analysts at Edmunds report that June will be another down month for auto sales as the industry continues to combat challenges posed by the coronavirus pandemic, forecasting that 1,080,656 new cars and trucks will be sold in the U.S. in June for an estimated seasonally adjusted annual rate (SAAR) of 12.8 million. This reflects a 28.7 percent decrease in sales from June 2019 and a 3.6 percent decrease from May 2020.

“It comes as no surprise that the second quarter was a disappointing one for the automotive industry, but the good news is that auto sales didn’t come to a complete standstill either,” said Jessica Caldwell, Edmunds’ executive director of insights. “The fact that retail sales — not fleet — are what kept the market propped up speaks volumes to the resilience of the American consumer. And the way that dealers were quick to pivot to online sales also underscores the incredibly responsive and resourceful nature of the industry in the face of adversity.”

Edmunds experts note that sales are also down for the second quarter in a row this year, forecasting sales of 2,914,860 new cars and trucks in the second quarter, which reflects a 34.3 percent decrease from the second quarter of 2019.

“The marketplace is growing less inviting as automakers pull back on incentives and inventory dwindles due to factory shutdowns, particularly when it comes to trucks, which have been the one bright spot for sales during the pandemic,” Caldwell said.

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Last modified on Tuesday, 30 June 2020 21:18

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