The National Automobile Dealers Association and 12 other trade groups to urge Congress to advance a bipartisan bill to combat this rising threat.
Consumers seeking lower prices on dealership lots must wait until 2023, reported auto-industry leaders at the New York International Auto Show.
Industry leaders dispel the notion that dealers do not support EV sales.
The first quarter of 2022 came to a close with new-light vehicle sales in March totaling a SAAR of 13.4 million units, a decline of 4.6% compared to February 2022 and a decline of 24.4% compared to March 2021’s SAAR.
The month’s SAAR totaled 13.3 million units, down from 14 million in February and off 24.4% from March 2021’s SAAR of 17.6 million units.
A coalition has asked the U.S. Treasury Department to grant relief to dealers employing the LIFO tax deferment strategy who face excessive tax bills this spring.
Recent media coverage about rising new-vehicle prices fails to account for unprecedented market conditions in the retail auto market.
Moving into 2022, NADA anticipates new-vehicle sales of 15.4 million units – an increase of 3.4% from 2021.
New light-vehicle sales totaled 14.93 million units in 2021, up 3.1% from 2020’s 14.47 million. December 2021’s SAAR totaled just 12.44 million units, down 23.7% from December 2020.
While November began with a slight increase in inventory levels from September’s all-time lows, limited vehicle availability continues to keep sales well below current demand.
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