Wednesday, April 7, 2021

Vehicle sales soared in March to 17.8 million annualized units

ARLINGTON, Va.—Total vehicle sales surged in March from 15.8 million annualized units to 17.8 million during the month. Monthly sales levels were up a massive 56.2% year-over-year.
“Vehicle sales soared in March to 17.8 million annualized units, continuing a trend of good news for the American economy,” said NAFCU Chief Economist and Vice President of Research Curt Long. “Strong fiscal support, more stimulus checks, low interest rates, better weather and great March job numbers all contributed to this surge.”

Sales of cars rose during the month, increasing from 3.4 million annualized units to 3.9 million, while light truck sales grew to 13.9 million annualized units.

Light truck sales have surged since the second half of 2020, rising 64% compared to March 2020. Car sales were up 33.4% year-over-year.

“The problem in 2021 will be supply, as microchip shortages worldwide have affected many industries and paused production on some Ford and GM lines,” added Long. “Supply issues have not hindered sales yet, but could ripple into the summer and fall. Overall, NAFCU expects a very strong year for vehicle sales and beginning of the post-COVID recovery.”

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