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Vehicle sales dip in March but still strong
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April 4, 2013 - Figures for March vehicle sales showed slight declines from February, but the overall trend in sales remains strong, NAFCU Staff Economist Curt Long said Wednesday.
Research firm AutoData Corp. reported Tuesday that total vehicle sales for March declined to 15.3 million units, annualized, from 15.4 million in February. But sales grew 8 percent year over year.
Key trends were as follows:
- Year over year, all six of the largest automakers reported increases in March, ranging from 7.1 percent down to 1 percent.
- The U.S. brand share of the total vehicle market decreased from 46.6 percent in February to 44.7 percent in March.
- The share of domestically-assembled vehicles decreased from 79.3 percent to 78.6 percent.
"March vehicle sales saw slight declines from February's numbers on a seasonally adjusted basis, but the trend of strong sales continues for the fifth month in a row, year over year," said Long. "An improving labor market, low financing costs, increased credit availability and pent-up demand are helping to improve vehicle sales."
For more details, see NAFCU's Macro Data flash report (login required).