J.D. Power and LMC Automotive announced today that over 952,200 cars will be sold in September. This number translates to an adjusted annualized rate of 11.8 million.
"Retail sales in early September were 15 percent higher than they were a year ago, which is reflective of a healthy market," said John Humphrey, senior vice president of global automotive operations at J.D. Power and Associates in a press release. "We expect retail sales to level off through the rest of the month, but still maintain a strong share of total sales."
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The sub-compact conventional, compact conventional and midsize conventional segments each are likely to show retail sales growth of at least 25 percent, compared to the cars sold in September 2011.
Many of the major segments are expected to show year-over-year retail sales gains in September, according to the firm's press release.
In August 1,093,675 new cars were sold and already in September 952,200 new cars have been purchased. This number is up from the 853,538 new cars sold in September of 2011, which shows a 12 percent increase of sales of new cars in the U.S.
"Consumer willingness or need to overlook the economic uncertainty is the driving force behind the recent strength in light-vehicle sales," said Jeff Schuster, senior vice president of forecasting at LMC Automotive to The Sacramento Bee. "During the next few months, car buyers will be processing further economic news, additional details on the European crisis, as well as the forthcoming presidential election, likely creating an environment with higher volatility."
Throughout the first eight months of 2012, North American light-vehicle production volume has posted consistently strong performance, up 22 percent from the same period in 2011. Nearly 1.9 million additional vehicles have been manufactured in 2012, which shows the remarkable recovery from the challenged production environment in 2011.
The firm believes that by the end of the year the number of new cars purchased in the U.S. should increase drastically compared to 2011 as well.
Through the first eight months of 2012, North American light-vehicle production volume has posted a strong performance, up 22 percent from the same period in 2011. Nearly 1.9 million more vehicles have been mass-produced in 2012, which shows the extraordinary recovery from the challenged production environment in 2011.