![]() ![]() Including an estimate for fleet deliveries into dealer and manufacturer channels, the remaining retail sales were estimated to be up 20.4%, leading to an estimated retail SAAR of 12.7 million, up from last year’s 10.7 million pace but down from last month’s 13.4 million pace. Sales into rental fleets were up 74% year over year, sales into commercial fleets were up 20%, and sales into government fleets were up 57%. The May sales pace, or seasonally adjusted annual rate (SAAR), came in at 15.0 million, an increase of 19.6% from last year’s 12.6 million but down 6.5% from April’s revised 16.1 million pace.Ĭombined sales into large rental, commercial and government fleets increased 45% year over year in May. By volume, May new-vehicle sales were flat month over month. May’s total new-light-vehicle sales were up 22.9% year over year, with one more selling day than May 2022. Leveraging Manheim sales and inventory data, wholesale supply is estimated to have finished May at 24 days, down one day from the end of April and down one day from May 2022’s estimate of 25 days. Using estimates of used retail days’ supply based on vAuto data, an initial assessment indicates May ended at 45 days’ supply, unchanged from 45 days at the end of April but four days lower than how May 2022 ended at 49 days. The average retail listing price for a used vehicle moved 0.8% higher over the last four weeks. Used retail sales are estimated to be down 11% year over year in May. Used Retail Vehicle Sales Declined Year Over Year in MayĪssessing retail vehicle sales based on observed changes in advertised units tracked by vAuto, we initially estimate that used-vehicle retail sales were steady in May compared to April but saw the year-over-year comparison with 2022 deteriorate. SUVs were flat versus April, with luxury and pickups down 3.0% and 4.3%, respectively. Compared to last month, vans actually increased by 0.2%, while compact and midsize cars declined by 2.4% each. The luxury segment lost 10.8%, SUVs were down 8.0%, and midsize cars were off by 7.9%. Compared to May 2022, pickups, compact cars and vans lost less than the industry, at 4.6%, 7.2% and 7.5%, respectively. The major market segments saw seasonally adjusted prices that were again lower year over year in May. Conditions have shifted to favoring buyers, but with tight supply, the market is not far from being balanced between buyers and sellers. For context, the daily sales conversion rate averaged 59.9% in May 2019. The average daily sales conversion rate declined to 56.3%, which was below normal for the time of year. Over the month of May, daily MMR Retention, which is the average difference in price relative to the current MMR, averaged 98.7%, meaning market prices were below MMR values. Over the last four weeks, the Three-Year-Old Index declined an aggregate 2.6%. In May, Manheim Market Report (MMR) values saw declines that accelerated as the month progressed. The non-adjusted price change in May decreased by 1.7% compared to April, moving the unadjusted average price down 8.2% year over year. May’s decrease was partially impacted by the seasonal adjustment. Two consecutive reads in either measure do not a trend make, as used retail inventory is still below last year, and that tends to keep buyers at the auction, supporting prices.” “Taking a longer view, May’s year-over-year decline accelerated from April and March however, the rate of decline might slow over the next several months as we encounter the lower prices seen at auction from May through November last year. ![]() ![]() 12 Wholesale Sketch Book - at - arrow burger cart close info phone print search soc-fb soc-insta soc-tw user warehouse wishlist Adobe Illustrator 25.“Price erosion continued in May, with another month-over-month drop in the index bringing it 0.3 points below our January result,” said Chris Frey, senior manager of economic and industry insights for Cox Automotive. ![]()
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