TrueCar and its ALG subsidiary project total new U.S. light-vehicle sales will reach 1,243,630 in November, down 0.5% from a year ago when adjusted for the same number of selling days.
The month’s seasonally adjusted annualized rate for total light-vehicle sales is an estimated 16.4 million. Excluding fleet sales, TrueCar and ALG expect U.S. retail deliveries of new cars and light trucks to be 1,099,808 units, up 2.9% from a year ago and up 8.4% from October when adjusted for the same number of selling days.
Average transaction prices are projected to be up 4.7% or $1,707 from year-ago and up 2.3% or $838 from October. TrueCar projects U.S. revenue from new-vehicle sales will reach more than $47 billion for November 2020, down 7.9% (based on a non-adjusted daily selling rate) from a year ago and down 6.6% from October.
TrueCar and ALG also project:
- Used-vehicle sales for November are expected to reach 3 million, down 1% from prior-year and down 11% from October.
- Average interest rates on new vehicles are 5.7% and on used vehicles, 8.1%.
- Fleet sales for November are expected to be down 21% from a year ago and up 38% from October when adjusted for the same number of selling days.
“New-vehicle average transaction prices are making a significant jump for November, with prices increasing more than $1,700 from a year ago,” Nick Woolard, director-OEM Analytics at TrueCar, says in a news release.
“While it’s somewhat surprising to see this trend during a period of economic uncertainty, this is being driven by consumers who continue to gravitate toward utilities and pickup trucks at higher price points.
“Incentives are up slightly for November year-over-year and shoppers can expect to find good Black Friday deals like any other year,” he says. “While inventory has been rebounding, it varies by brand and model so if there is a vehicle that a consumer has their heart set on, we recommend moving quickly to make the purchase and secure the vehicle.”