TrueCar, Inc.’s data and analytics subsidiary, ALG, project total new vehicle sales will reach 1,373,516 units in February 2020, up 0.2% from a year ago when adjusted for the same number of selling days. This month’s seasonally adjusted annualized rate (SAAR) for total light vehicle sales is an estimated 17.1 million units. Excluding fleet sales, ALG expects U.S. retail deliveries of new cars and light trucks to be 1,081,996 units, an increase of 1.2% from a year ago when adjusted for the same number of selling days.
“Although consumer confidence is stable and economic fundamentals remain strong, consumers are still receiving a lot of mixed messages about the economy,” said Eric Lyman, Chief Industry Analyst at ALG, a subsidiary of TrueCar. “The fact that we’re in an election year, the Coronavirus is starting to have a global impact and that we’re beyond the normal cycle for a recession all combine to create a sense of uncertainty.”
Used vehicle sales for February 2020 are expected to reach 3,699,048, up 6% from a year ago and up 12% from January 2020. The average interest rates on new vehicle loans is 6.21%, based on TrueCar data.
“Low interest rates on vehicle auto loans and mild winter weather thus far are contributing to a healthy sales month,” said Nick Woolard, Director of OEM and Affinity Partner Analytics at TrueCar. “We continue to see growth driven by new products, especially in the utility and crossover segments.”