While the overall economy continues to improve at a slow pace, demand for new vehicles is rapidly approaching pre-recession levels, according to Kelley Blue Book.
Learn more about the expected indications for July auto sales.
New-car sales are expected to improve 16.1 percent in July 2013 to a total of 1.34 million units, with strength among pickup trucks, compact cars and crossovers, according to Kelley Blue Book www.kbb.com, the leading provider of new and used car information.
While the overall economy continues to improve at a slow pace, demand for new vehicles is rapidly approaching pre-recession levels. Due to economic improvement during the first half of the year, Kelley Blue Book is raising its sales forecast from 15.3 million to 15.6 million for 2013.
Key Highlights for Estimated July 2013 Sales Forecast:
- In July 2013, new light-vehicle sales, including fleet, are expected to be 1,340,000 units, up 16.1 percent from July 2012 and down 4.4 percent from June 2013.
- The seasonally adjusted annual rate (SAAR) for July 2013 is estimated to be 15.8 million, up from 14.0 million in July 2012 and down from 15.9 million in June 2013.
- Retail sales are expected to account for 86 percent of all sales in July 2013.
“As new-car demand continues to improve with leases accounting for nearly 25 percent of all new-car sales, along with continued solid truck sales, we’ve improved our forecast for 2013 to 15.6 million units,” said Alec Gutierrez, senior market analyst at Kelley Blue Book. “Consumer confidence has a played a key role in the ongoing recovery and currently is at the highest levels seen since January 2008. With modest improvements in unemployment and housing expected to continue through the rest of the year, confidence likely will follow suit, driving new-car demand along with it.”