New-Car Sales Dip Year over Year

By Staff Writer April 28, 2022

New-vehicle retail sales for April 2022 will decline when compared with April 2021, according to a joint forecast from J.D. Power and LMC Automotive. Retail sales of new vehicles this month are expected to reach 1,076,200 units, a 23.8% decrease compared with April 2021 when adjusted for selling days. April 2022 has one more selling day compared to April 2021. Comparing the same sales volume without adjusting for the number of selling days translates to a decrease of 20.9% from 2021.

Total new-vehicle sales for April 2022, including retail and non-retail transactions, are projected to reach 1,241,300 units, a 21.5% decrease from April 2021. Comparing the same sales volume without adjusting for the number of selling days translates to a decrease of 18.5% from 2021.

The seasonally adjusted annualized rate (SAAR) for total new-vehicle sales is expected to be 14.5 million units, down 3.9 million units from 2021.

“This April, demand remains strong, but with fewer than 900,000 units in inventory at dealerships, sales volumes will necessarily be well below year ago levels,” said Thomas King, president of the data and analytics division at J.D. Power.

“However, as has been the case for the past two quarters, inventory constraints are delivering record prices and profitability. New-vehicle prices continue to set records, with the average transaction price expected to reach an April record of $45,232—an 18.7% increase from a year ago and the second-highest level on record behind $45,247 set in December 2021.”

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Last modified on Tuesday, 03 May 2022 11:09