- The pace of annual car sales in January is expected to end at nearly 15.6 million, up from December’s pace of 13.3 million and from last year’s level of 12.7 million.
- Improvements in inventory and fleet activity are expected to contribute to a stronger sales pace.
- January sales are expected to increase 2.7% year-on-year to 1.03 million units. Forecasts see him down 19.8% compared to December.
Atlanta, January 26, 2023 /PRNewswire/ — January new car sales are expected to show a surprising increase when announced next week, despite not much change in market conditions.of January 2023 The pace of vehicle sales, or seasonally adjusted annual rate (SAAR), is expected to finish near 15.6 million units, up significantly from December’s pace of 13.3 million units, according to forecasts released today by Cox Automotive. However, part of the gain is due to a statistical adjustment that corrects for the expected decline in sales in January and February.
January sales will benefit as inventory is improving daily, accelerating the pace of sales. This month’s sales volume is expected to be nearly 3% higher than the stock-constrained market in January 2022, but the same number of days of sales. Sales in January are expected to be down almost 20% month-on-month, mainly due to three fewer selling days than December and the usual drop in post-holiday activity.
As we enter 2023, high interest rates continue to drag on the new car market, while some concerns about inventory supply appear to have dissipated.according to Charlie ChesbroughSenior Economist, Cox Automotive: “After a downturn in December, a return to ‘normality’ is welcome. We expect new vehicle sales activity to increase in January as inventories improve and fleet activity is likely to increase. While the country has ample inventories, some Asian brands continue to have very limited inventories. Whether brands will be forced to increase their incentives to avoid oversupply.
January 2023 Forecast Highlights
- New mini vehicle sales are expected to increase by 2.7% year-on-year. January 2022 However, it decreased by 19.8% from last month.
- of SAARs January 2023 was estimated at 15.6 million, up from last year’s 12.7 million level and up from December’s pace of 13.3 million.
- January 2023 24 sales days, the same as in 2022 but 3 days less December 2022.
January 2023 U.S. new car sales forecast
|
Sales forecast1 |
market share |
|||||||
|
segment |
January 23rd |
January 22nd |
December 22nd |
year-on-year |
Minutes% |
January 23rd |
December 22nd |
Minutes |
|
midsize car |
60,000 |
59,339 |
75,179 |
1.1% |
-20.2% |
5.8% |
5.9% |
0.0% |
|
compact car |
55,000 |
59,153 |
68,701 |
-7.0% |
-19.9% |
5.3% |
5.3% |
0.0% |
|
compact SUV/crossover |
155,000 |
159,510 |
187,978 |
-2.8% |
-17.5% |
15.0% |
14.6% |
0.4% |
|
large pickup truck |
165,000 |
147,254 |
208,849 |
12.1% |
-21.0% |
16.0% |
16.3% |
-0.2% |
|
Midsize SUV/crossover |
180,000 |
195,130 |
222,595 |
-7.8% |
-19.1% |
17.5% |
17.3% |
0.2% |
|
total2 |
1,030,000 |
1,002,739 |
1,284,862 |
2.7% |
-19.8% |
|||
|
1 Cox Automotive Industry Insights Data |
|
About Cox Automotive
Cox Automotive is the world’s largest automotive service and technology provider. Cox Automotive Leverages Largest First-Party Data Powered by 2.3 Billion Online Interactions Annually to Tailor Leading Solutions for Auto Shoppers, Automakers, Dealers, Retailers, Lenders and Fleet Owners doing. The company has more than 25,000 employees on five continents and a family of trusted brands including Autotrader®, Dealertrack®, Kelley BlueBook®, Manheim®, NextGear Capital™ and vAuto®. Cox Automotive is a subsidiary of Cox Enterprises Inc., a privately held company. AtlantaA US-based company with $21 billion in revenue. Visit coxautoinc.com or@Cox AutomotiveFollow CoxAutoInc on Twitter, Facebook and Cox-Automotive-Inc on LinkedIn.
Source Cox Automotive