New Vehicle Sales Slam on the Brakes

ARLINGTON, Va.—Total vehicle sales plummeted to 11.4-million units in March from February's rate of 16.7 million annualized units. Monthly sales levels were down 34.1% versus March 2019.
“The global effects of coronavirus on the auto market are here, including disrupted supply chains, idle factories, and closed showrooms resulting in the lowest monthly sales number since June 2010,” said NAFCU Chief Economist and Vice President of Research Curt Long. “As most shelter-in-place orders were instituted in March, April's numbers are likely to be even lower.
“NAFCU expects vehicle sales to continue to fall in Q2 as the effects of social distancing take hold, with some rebound in the latter part of Q3, though as with any virus-related forecasts, there is a high degree of uncertainty,” Long added.
Cars,  Trucks Back Down
Car and light trucks sales both fell dramatically during the month to 2.9 million annualized units and 8.5 million annualized units, respectively.
Light trucks continue to dominate share, although sales were down 30.9% versus March 2019, amid the crisis. Auto sales fared worse with a 42.1% declined compared to the same time in 2020, Long said.

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