U.S. light-vehicle sales remain in lower gear as the third quarter winds down, while slumping consumer sentiment threatens a further downshift, according to an Automotive News report.
Cox Automotive on Wednesday (Sept. 28) cut its full-year new-vehicle sales outlook to 13.7 million — down more than 9 percent from 2021 and the industry’s lowest tally in a decade.
It’s the third time this year Cox has lowered its sales forecast, which initially stood at 16 million vehicles.
Most automakers are expected to release third-quarter U.S. sales results on Monday and Tuesday.
Charlie Chesbrough, Cox Automotive senior economist, said COVID-related production disruptions and the war in Ukraine scuttled the anticipated improvement in inventories at the start of the year.
Now the industry faces a new wrinkle.
“It seems likely that much of the pent-up demand from limited supply is quickly disappearing as high interest rates eat away at vehicle buyers’ willingness and ability to purchase,” Chesbrough said.
Read the full Automotive News report.
Source: https://rvbusiness.com/light-vehicle-sales-stall-pent-up-demand-disappearing/
