October New Auto Sales May Reach Highest Level in over a Decade

Projected new vehicle sales, including fleet deliveries, will hit 1,427,500 units in October, an 11.4 percent increase from a year ago and the most for the month since 2001.

The expected double-digit growth will push the seasonally adjusted annualized rate (SAAR) for total light vehicle sales to 17.9 million units compared to 16.6 million units a year ago, according to TrueCar.   Fueling the surge is continued consumer confidence coupled with attractive model year-end sales campaigns, all of which may boost retail sales 11.6 percent to 1,206,800 units.

“The industry remains hot with October marking the third month this year of double-digit growth,” said Eric Lyman, TrueCar’s vice president of industry insights. “Interest rates are still low, which helps move vehicles off lots for consumers ready to buy. Automakers’ promotions also sweetened the deal as the model-year close-outs carried over from September.”

Subaru may be the month’s sales leader with a 17.9 percent rise in volume, resulting in a best-ever October for the brand. Kia Motors America follows with a 15.2 percent increase in sales and should also post record October volume. FCA may rank third with a 14.9 percent sales gain due to strong Jeep brand sales likely to post a 31.3 percent gain. This would result in the 67th consecutive month of year-over-year sales gains for FCA.

On a daily selling rate (DSR) basis, adjusting for one more day this month versus October 2014, sales should rise 7.4 percent.

Luxury cars and truck sales are expected to grow 9.9 percent compared to a year ago. Non-luxury volume will likely expand by 11.6 percent versus last year. Pickup truck, crossover and utility vehicles remain popular and continue to propel overall industry growth.

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