SANTA MONICA, Calif. — New vehicle sales projections for September are up as much as 9.7% compared to the same period last year according to forecasts from TrueCar and J.D. Power. Over 1.2 million new light-vehicles will be sold in September which TrueCar is calling the highest number in 7 years.
“We expect another strong month for the industry with the best September since 2007,” said John Krafcik, president of TrueCar. “Incentive spending has tapered off from August, a month where we found increases attributable to shifts in segment mix, model year clearance and holiday events.”
The average new vehicle retail transaction price in September was $30,100, the highest ever for the month and exceeding 2013 by $450.
“While the strong sales pace is an indicator of the health of the industry, it is being complemented by record transaction prices for the month of September,” said John Humphrey, senior vice president of global automotive practice at J.D. Power.
Kia is projected to have the strongest rebound from 2013 with a 23.7% increase in sales compared to last September, according to TrueCar. GM has the highest projected number of sales at 225,000 vehicles.
Average incentive spending by manufacturers was $2,801 per car, 6.2% lower than it was in August but still at healthy levels, said Krafcik.
TrueCar also projects over 3 million used car sales from dealerships and private parties in September, a slightly lower number than last year. Both TrueCar and J.D. Power are forecasting 16.4 million new light- vehicle sales for 2014.
Edmunds also released their September forecast showing similar projected numbers while commenting that as good as the numbers have been, buyers had responded to more low financing deals and lease offers which boded well for new car sales going forward.