November new vehicle sales in the United States are projected to jump 10.2% from a year ago thanks to record-level consumer spending, according to a joint forecast from J.D. Power and GlobalData.
They are anticipating that new-vehicle sales for the month, which includes retail and non-retail transactions, will reach 1,236,000 units. November has 25 selling days this year, the same as in 2022. The seasonally adjusted annualized rate (SAAR) for total new-vehicle sales is expected to reach 15.5 million units — an increase of 1.4 million units from the same period last year.
“November results indicate a robust performance with double-digit year-over-year sales growth and record consumer expenditures for the month,” said Thomas King, president of the data and analytics division at J.D. Power, in a statement. “The consumer expenditure record was due to strong sales growth, which outweighed a 1.9% decline in transaction prices.”
King continued, noting that sales growth is being helped by greater retail inventory levels, which are expected to finish around 1.6 million units in November despite the lengthy UAW work stoppage that occurred. If the month finishes with the number of units as expected, November will end with a 7.5% increase from last month and a 43.7% increase compared with November 2022.
“However, as inventory and sales volumes improve, the average new-vehicle retail transaction price is declining to $45,332, down $873 — or 1.9% —from November 2022,” said King in a statement, adding that “even with the decline in average transaction prices, consumers are on track to spend nearly $44.5 billion on new vehicles this month — the highest on record for the month of November and 9.5% higher than November 2022.”
