After a slow first week, February US light-vehicle sales are starting to improve, according to J.D. Power and Associates.
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New light-vehicle sales in February are projected to reach a 15.2 million seasonally adjusted annualized rate (SAAR), based on Power Information Network (PIN) retail sales data from the first two weeks of the month.
Sales dipped to a nearly 14 million-unit SAAR in the first week of the month, but perked back up to a 15.0-15.5 million-unit selling rate by the second week.
“To watch sales improve from the first week to the second is very encouraging,” said Dr. Robert Schnorbus, chief economist at J.D. Power and Associates. “January sales started out strong, then tapered off as the month went on. This month we seem to be witnessing the opposite, with sales starting slow and gaining momentum as the month progresses.”
Despite many of the aggressive incentive programs still in place through the end of March, domestic vehicle makers are showing the greatest year-over-year declines. Asian automakers are also experiencing a drop in US sales, albeit approximately one-half the drop of domestic automaker sales, while European automakers are managing modest year-over-year gains.
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By GlobalData“What we’re seeing is really the continuation of a slowing trend,” Schnorbus said. “The total market at 15 million units is fairly respectable by historical standards, and the domestics remain the largest chunk of that market. But in terms of market share, the domestics have been slipping for the better part of a decade.”
