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Dive Brief:
- New vehicle sales in the U.S. are on pace for a seasonally adjusted annual rate of nearly 15.4 million units in 2024, Cox Automotive said in a press release Friday.
- Cox Automotive estimates that unadjusted U.S. new vehicle sales were over 1.2 million in February, increasing 6.3% year over year and 12.4% month over month.
- The seasonally adjusted annual rate rose by 0.5 million units year over year and 0.4 million units month over month.
Dive Insight:
U.S. auto sales fell more than 21% from December to January due, in part, to poor weather that kept many would-be new car shoppers at home.
But sales rebounded in February thanks to mild weather, strong inventory levels, and larger incentives and discounts, said Charlie Chesborough, senior economist at Cox Automotive, in a statement.
February sales will also increase, in part, because there are 25 selling days this month, which is one more than last year, Cox Automotive said.
