Forecasters at J.D. Power report that nearly 1.5 million vehicles were sold in July, an increase of about 3% compared to July 2014. Transaction prices are also trending higher. Consumer demand is strong and manufacturer incentive spending has varied, but analysts feel manufacturers have learned lessons from the past and are trying to keep a lid on incentives and rebates, as well as vehicle production.
Through the end of June, approximately 8.5 million vehicles have been sold in the U.S., a 4.4% increase over the first half of last year, according to AutoData Corp.
The Seasonally Adjusted Annual Rate for July is expected to be around 17.2 million, according to J.D. Power and LMC Automotive. That’s a slight improvement from 17.1 million in June, and a more substantial increase vs. a year ago. In July 2014, the SAAR was 16.4 million. According to the Power Information Network, which gathers transaction data directly from dealerships, the average new vehicle retail transaction price was approximately $29,700 in July.