June Auto Sales Revenue to Hit $50.9 Billion

According to the latest research, U.S. new vehicle sales generated $50.9 billion in June, up 7.4 percent from a year ago and the highest ever recorded for the month, propelled by consumers’ continued shift to crossovers and light trucks from midsize sedans.

The findings, posted by TrueCar, noted that “stronger average transaction prices last month helped automakers post a $3.5 billion gain in revenue compared with June 2015, amid a projected 8.6 percent increase in incentive spending from a year ago.”

“There have been ups and downs in the auto market this year, but consumer demand has kept sales on pace to top 2015’s record 17.5 million units,” said Patrick Min, TrueCar’s senior industry insights analyst. “Much of that growth keeps coming from crossover utility vehicle deliveries and there’s no indication that the appeal of compact and midsize models in this category is declining.”

TrueCar estimates the average transaction price (ATP) for a new light vehicle was $32,693 in June, up 1.9 percent from a year ago. Average incentive spending per unit rose by $246 to $3,116. The ratio of incentive spending to ATP was 9.5 percent, up from 8.9 percent a year ago.

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