Vehicle Sales Rise in April, But Still Down More Than 20% YoY

Source: CUToday.info

Total vehicle sales rose to 14.3 million annualized units in April from 13.4 million annualized units in March, but monthly sales levels were down 21.9% year over year, according to newly released data.

"In April, auto sales rose after two months of decline," said NAFCU Chief Economist and Vice President of Research Curt Long. "Even with greater sales volume, the inventory-to-sales ratio rose in March for the first time since August, and domestic production hit its highest level in over a year. Used car prices have begun to moderate, according to Manheim, which may reflect the modest improvement in inventories. However, chip shortages still remain an ongoing issue, and Intel now believes that shortages may last until 2024."

Car sales rose to 3.0 million annualized units last month, and light truck sales rose from 10.7 million annualized units to 11.3 million.