ALG, a subsidiary of TrueCar, and the industry benchmark for determining the future resale value of a vehicle, projects total new vehicle sales will reach 941,735 units in March 2020, down 37% from a year ago when adjusted for the same number of selling days. This month’s seasonally adjusted annualized rate (SAAR) for total light vehicle sales is an estimated 10.7 million units. Excluding fleet sales, ALG expects U.S. retail deliveries of new cars and light trucks to be 656,343 units, a decrease of 38% from a year ago when adjusted for the same number of selling days.
“March is traditionally a strong retail month and was off to a good start. As we inched closer to the middle of the month and the Coronavirus was declared a global pandemic, that triggered unprecedented protective measures from local and federal governments, and we began to see a stark drop in auto sales,” said Eric Lyman, Chief Industry Analyst at ALG.
“Economic uncertainty, coupled with health and safety concerns, have made consumers hesitant to visit dealer showrooms and make large purchases,” added Lyman. “However, the industry is rapidly pivoting to remote retailing practices and automakers and lenders have launched deferment programs and steep incentives to help ease consumer apprehensions. These offerings should help buoy demand a bit in the short-term.”
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SOURCE: TrueCar
