Major automakers reported that their third-quarter sales were lower than a year earlier – but less than a substantial drop in sales during the second quarter.
“It’s coming better than we thought,” said Cox Automotive senior analyst Michelle Krebs.
Better than train
He said the epidemic also saved from pre-prepared holidays, entertainment and restaurant meals that some buyers are applying for new car purchases. He said some city residents have increased interest in owning a vehicle because some people want to move to the suburbs and others want to avoid the city on weekends.
The jump in new home construction has helped to increase demand for pickup trucks, and the rebound in the stock market after the first sale of the year has restored home property for some buyers who may have postponed some purchases Can.
Not coming back anytime soon
Uncertainty about the economy, elections and epidemics will continue as a drag on sales. Krebs also mentions that debt has increased, particularly on the subprime part of the business.
“If you have good credit the rates are low,” she said. “But we are seeing more and more people exit the new car market because they cannot get credit.”
Both Krebs and Breyer are forecasting full-year US sales of about 14 million vehicles, down from 17 million in 2019. Although Krebs has not yet made any forecast for 2021 sales, he said his firm believes the industry will not rebound 1.7 million anytime soon
Some automakers stated where September sales were in 2019, although Labor Day weekend was a year ago, when it was counted as part of August sales, making the month-to-month comparison somewhat difficult. Makes it