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November auto sales expected to be record-breaking
By Kalea Hall
YOUNGSTOWN
Record breaking.
That’s the way auto analysts explain November’s auto sales.
“We are expecting a very strong November,” said Stacey Doyle, TrueCar senior analyst. “It’s going to be a huge month. It’s the time to strike.”
Factors such as low gas prices, interest rates remaining unchanged and pent-up demand from consumers are all expected to lead to an increase this November over last, even with two fewer selling days, TrueCar analysts project.
New-vehicle sales, including fleet sales, will come in at 1.3 million for a 3.9 percent increase year over year, the analysts say. Retail sales alone are expected to increase by 3 percent.
“Retail has been strong this year,” Doyle said. “We did see earlier this year that some auto manufacturers were pulling back on fleet.”
When adjusted for the two fewer selling days, Kelley Blue Book analysts expect to see a 9 percent year-over-year increase in new-vehicle sales this month, with 1.3 million sales for the highest sales since 2001.
“With the holiday advertisements and deals, it should be a big weekend for auto sales,” said Tim Fleming, KBB analyst.
Most manufacturers are expected to see an increase in sales for the month. Given the recent scandal with its diesel models, Volkswagen Group is expected to take a hit in sales. KBB analysts project as much as a 9.5 percent drop.
The General Motors pickup truck lineup is expected to boost the automaker’s sales by about 2 percent, KBB predicts. TrueCar shows GM coming in with a 5.7 percent increase in sales.
Compact car sales are expected to remain soft in November. The compact sport utility vehicle/crossover is expected to surpass every other segment this year as the top-selling segment.
Overall, this year is expected to bring in the highest number of sales ever, with an expected 17.4 million sales.
“In December we are expecting a double-digit increase year over year,” Doyle said. “It will probably be the best year ever.”