According to analysis from J.D. Power’s Power Information Network (PIN) and strategic partner LMC Automotive, May auto sales took an unexpected upswing.
Get the details on May auto sales from J.D. Power.
New car and light-truck sales in May finished the month higher than projected, according to analysis from J.D. Power’s Power Information Network® (PIN) and strategic partner LMC Automotive. The better-than-expected performance was propelled by a strong retail market especially during the last four days of the month—which included the Memorial Day weekend—and accounted for 25% of May’s retail totals.
Automakers in the U.S. market sold 8.2% more new vehicles than in the same month of 2012. Both months in both years had the same number of selling days. The seasonally adjusted annual selling rate (SAAR) averaged more than 15.2 million units for total sales (retail and fleet).
PIN and LMC Automotive also reported that nearly all manufacturers posted year-over-year retail sales increases. Through the first 5 months of 2013, total sales were up 7.3% from the total in the same time period of 2012.
J.D. Power’s PIN data analysis also confirms that the new-vehicle negotiated price in May was up 2.9% compared to a year ago and up a fraction of a point (0.2%) from last month (not seasonally adjusted). The average cash rebate amount was up 4.7% vs. a year ago and 12.3% higher than last month.
In regard to financing, retail lease sales penetration increased 2.3 percentage points from last year. Additionally, the average retail turn rate (the average number of days that a new vehicle remains on a dealer lot before being sold) in May was 58 days vs. than last month’s 57 days and was 11 days longer than May 2012.
Most major car and light-truck segments posted year-over-year and year-to-date gains in total light-vehicle sales. Through the first five months, segments that significantly outpaced the year-to-date 7.3% increase included: Compact Crossovers (CUVs) and Large Pickups.