Cox Automotive predicts that new vehicle sales in the U.S. will reach 1.45 million units in March, increasing 4.5% year over year, according to a press release Monday.
In addition, new vehicle sales in the U.S. will reach an estimated 3.8 million units in the first quarter of 2024, a 5.6% YoY increase. Sales are on pace for a seasonally adjusted annual rate of nearly 15.5 million units in 2024, up 0.6 million units YoY.
“Since April 2023, the SAAR has experienced some large swings with an average at the mid-15 million level. That sales pace is expected to continue this month as well,” Cox Automotive Senior Economist Charlie Chesbrough said in a statement. “However, March weather was unseasonably warm this year, which could give sales an extra boost.”
Larger inventories helped automakers boost sales as new vehicle supplies increased 50% YoY, according to vAuto Live Market View data cited by Cox Automotive.
The SAAR will grow an estimated 2.7% YoY in Q1, Cox Automotive said.
