New Light Vehicle Sales to Hit Highest October SAAR Since 2007

Cars.com forecasts October light, new-vehicle sales will hit 1,282,000 units, up 6.4 percent year-over-year and up 2.9 percent from September.

A SAAR of 16.3 million is expected for the month, an increase of 6 percent from October 2013 and a decrease of 0.8 percent month-over-month.

This marks the highest October SAAR since 2007. “Lower gas prices helped fueled sales of SUVs and trucks in October,” said Jesse Toprak, chief analyst at Cars.com. “Consumer demand for new vehicles remained very healthy, resulting in the best October, in terms of unit sales, since 2004. We expect this robust pace of sales to continue in the months ahead and to finish the year with 16.5 million total units sold.”

Retail sales remain strong and are projected to make up 83 percent of total sales in October, down 4 percent from September and 0.9 percent from this time last year.

Category: General Update