TrueCar, Inc. (NASDAQ: TRUE), the easiest, most efficient and transparent online destination for buying and selling new and used vehicles, expects total new vehicle industry sales to reach 1,165,658 units in October 2022, up 15% from a year ago and about on par with September 2022, when adjusted for the same number of selling days. This month’s seasonally adjusted annualized rate (SAAR) for total light vehicle industry sales is an estimated 14.6 million, up 13% from October 2021. Excluding fleet sales, TrueCar expects U.S. retail deliveries of new cars and light trucks to be 995,808 units, up 9% from a year ago and down about 2% from September 2022.
“The sales pace has improved from a year ago though we expect it to be on par with the prior month when adjusting for selling days. With the backdrop of increased interest rates and sustained elevated pricing, the limiting factor for sales may be shifting from inventory to affordability,” said Zack Krelle, Industry Analyst at TrueCar. “We are keeping a close eye on counter-measures to tackle affordability concerns.”
“In October we’re seeing Honda, Nissan and General Motors continuing to gain traction in sales, with last month’s indication of positive growth materializing into this month,” said Justin Colon, Vice President of OEM Solutions at TrueCar. “GM’s huge push into electric vehicles is building momentum while the Malibu is currently positioned to capture sales as an affordability outlet.”
