New-Vehicle Retail Sales Expected to Rise

By Staff Writer April 28, 2024 559

New-vehicle retail sales for April 2024 are expected to increase when compared with April 2023, according to a joint forecast from J.D. Power and GlobalData. April 2024 has 25 selling days, one fewer than April 2023.

Retail sales of new vehicles are expected to reach 1,084,900 units, a 2.1% increase on a selling day adjusted basis. 

The seasonally adjusted annualized rate (SAAR) for total new-vehicle sales is expected to be 15.6 million units, down 0.2 million units from April 2023.

“April is showing mixed results, with an increase in retail sales offset by a decline in sales to fleet buyers,” said Thomas King, president of the data and analytics division at J.D. Power. “This is a notable change from recent months in which manufacturers have increased fleet sales. Although sales to retail buyers are rising, the rate of growth is modest. This is due in part to discounts from manufacturers and retailers stabilizing, coupled with ongoing deterioration of used-vehicle values that results in shoppers having less trade-in equity.”

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Last modified on Tuesday, 30 April 2024 11:18