Newsroom
Vehicle sales down in April, downward trend expected to continue
Total vehicle sales decreased to a rate of 16.4 million annualized units in April. NAFCU Research Assistant Dhruv Singh expects the decline to continue in coming months.
“Automobile sales in April softened, failing to build upon a strong March,” said Singh in a NAFCU Macro Data Flash report. “Lower tax refunds, reduced affordability, and consumer preferences for used vehicles are weighing on sales, which sunk to their lowest level since October 2014. Layoffs in the automotive industry are on the rise as carmakers adjust production levels.
“Consumers are still in a good position with fairly low debt levels and rising real wages, and the Fed is playing its part in backing off of plans for more rate hikes. But the headwinds are prevailing, and NAFCU expects a modest decline in sales volume this year,” Singh added.
Car sales decreased from 5.2 million annualized units to 4.9 million annualized units during the month. Meanwhile, sales of light trucks dropped from 12.2 million annualized units to 11.5 million annualized units.
According to recent survey data from the Federal Reserve Bank of New York, 12.4 percent of households applied for a car loan within the past 12 months, down from 16.8 percent a year prior.
For more economic updates from our award-winning research team, click here.
Share This
Related Resources
Add to Calendar 2024-04-23 14:00:00 2024-04-23 14:00:00 Monitoring the Latest Litigation Risks Credit unions’ operations pose litigation risks, with more of these cases being filed as class action lawsuits. In this Monitoring the Latest Litigation Risks for Credit Unions webinar, you’ll review some of the specific kinds of lawsuits impacting credit unions and what potential claims could be on the horizon. You’ll also examine some options for mitigating risks. Key Takeaways Review the current lawsuit trends. Understand the potential claims risks Explore options for mitigating risks. Register Now $295 Members | $395 Nonmembers(Additional $50 for USB)One registration gives your entire team access to the live webinar and on-demand recording until April 23, 2025Go to the Online Training Center to access the webinar after purchase » Who Should Attend NCCOs NCRMs Compliance and risk titles Education Credits NCRMs will recieve 1.0 CEUs for participating in this webinar NCCOs will recieve 1.0 CEUs for participating in this webinar Web NAFCU digital@nafcu.org America/New_York public
Monitoring the Latest Litigation Risks
Credits: NCCO, NCRM
Webinar
Resiliency In Your Incident Response Plan
Cybersecurity
preferred partner
DefenseStorm
Blog Post
The Bottom Line on Insurance Tracking and Collateral Protection
Strategy
preferred partner
Allied Solutions
Blog Post
Add to Calendar 2024-04-15 09:00:00 2024-04-15 09:00:00 Mergers and Acquisitions: Unifying Two Different Executive Total Compensation and Benefits Programs Listen On: Key Takeaways: [03:50] With the merger of a smaller credit union into a larger one you are really only dealing with integrating staff into the larger credit union. [05:53] When working with a merger of equals we start with a deep dive into the executive compensation and benefits of each organization. [09:09] If your current executive benefits provider doesn’t conduct regular plan evaluations, consider having a plan audit anyway. [13:46] Don’t overpay for these things if you don’t have to. When you have more options available that means the cost is more appropriate. [17:11] It is in a unified organization’s best interest to do tier timelines where we look at your top executives who are critical to the unified organization’s success today and then slowly add in the next levels. Web NAFCU digital@nafcu.org America/New_York public
Mergers and Acquisitions: Unifying Two Different Executive Total Compensation and Benefits Programs
preferred partner
Gallagher
Podcast
Get daily updates.
Subscribe to NAFCU today.