Car sales in the US are expected to get back on track in May according to analysts at Edmunds.com, who forecast 1,420,937 new cars and trucks will be sold for an estimated seasonally adjusted annual rate of 15.1m light vehicles.
That would be up 10.6% month on month and 6.5% year on year. Senior analyst Jessica Caldwell said: “May sales quickly chased away any of last month’s concerns that the auto recovery is stalling.
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“This quick rebound is just another example of how the auto industry is currently one of the most resilient areas of the overall economy.”
She estimates retail SAAR will be 12.2m vehicles with fleet transactions accounting for 18.9% of sales.
The forecaster also projected that in May Nissan saw a bigger jump in sales than any other manufacturer with nearly 110,000 units, a 19.6% year on year rise and a May record for the carmaker. This follows price cuts on seven popular models – including the top selling Altima – at the beginning of the month.
On the other hand Edmunds reckons Toyota will be the only manufacturer that will not show any year over year increase with its market share falling 1% despite a 0.5% rise over April.
