U.S. auto gross sales are on a tempo to be down round 16% in June vs. June 2021, forecasters mentioned. Likewise, U.S. auto gross sales are down round 20% for the second quarter, and down round 19% for the primary half of 2022 vs. a 12 months in the past, in line with a forecast from J.D. Power and LMC Automotive.
That’s not for lack of demand. Analysts blame the drop in gross sales on the continued scarcity of laptop chips, which in flip is inflicting a drop in auto-factory output. Different potential headwinds to auto gross sales embrace rising rates of interest and the value of gasoline, however the chip scarcity is the most important drawback.
In response to AutoForecast Solutions, Chester Springs, Pa., the chip scarcity is liable for chopping North American auto manufacturing by at the very least 2.5 million vehicles and vans since January 2021.
Predictably, excessive demand and low provide are driving new-vehicle pricing to file highs. In response to J.D. Energy, the common new-vehicle transaction value for June is a file $45,844, up $5,806, or 14.5%, vs. a 12 months in the past.
U.S. vendor income are correspondingly excessive. Together with gross revenue on the sale of the automobile itself, plus extra earnings from finance & insurance coverage, whole retailer revenue per new automobile for June is an estimated $5,123, in line with J.D. Energy.
That’s a rise of $1,174, or 30%, vs. a 12 months in the past, and an unprecedented eight out of the final 9 months with the common retailer revenue per unit at or above $5,000, J.D. Energy mentioned.
Thomas King, president of the info and analytics division at J.D. Energy, mentioned within the forecast, which was revealed on June 24, that June 2022 can be the eighth consecutive month that retail stock closes under 900,000 items.
For the month of June, J.D. Energy and LMC Automotive mentioned they anticipate gross sales of about 1.1 million vehicles and vans, down 15.8% vs. a 12 months in the past. For the second quarter, the forecast predicts gross sales of about 3.5 million, down 20.5%; for the primary half, gross sales of about 6.8 million, down 18.7%.