Newsroom
February 03, 2016
Vehicle sales up in January despite snowstorm
Supported by a 13 percent jump in incentive spending by automakers, total vehicle sales in January increased to a pace of 17.6 million seasonally adjusted annualized units – despite a severe snowstorm.
December's vehicle sales rate was 17.3 million annualized units. Sales levels increased 5.2 percent from a year ago in January, according to data published by Autodata Corp. Tuesday.
Car sales remained unchanged from December's level of 7.4 million annualized units in January, while sales of light trucks increased from 9.9 million to 10.2 million annualized units.
"The mix of purchases continued to tilt away from cars and toward trucks and SUVs due to low gas prices and the harsh winter weather," said NAFCU Research Assistant Yun Cohen, who analyzed the data for a NAFCU Macro Data Flash report.
Three of the six largest automakers saw year-over-year sales growths. Fiat Chrysler Automobiles reported the largest gain in sales at 6.9 percent, followed by Nissan (+1.6 percent) and General Motors (+0.5 percent). Toyota's sales were down 4.7 percent versus last year, followed by Ford (-2.8 percent) and Honda (-1.7 percent).
The U.S. brand share of the total vehicle market increased from December's rate of 45.3 percent to 46.2 percent in January. The share of domestically assembled vehicles increased from 79.8 percent to 80.3 percent.
"Sales are likely to remain strong in 2016 with support from cheap fuel prices, low interest rates and an improving labor market, but growth may slow as pent-up demand from the recession diminishes," Cohen said.
December's vehicle sales rate was 17.3 million annualized units. Sales levels increased 5.2 percent from a year ago in January, according to data published by Autodata Corp. Tuesday.
Car sales remained unchanged from December's level of 7.4 million annualized units in January, while sales of light trucks increased from 9.9 million to 10.2 million annualized units.
"The mix of purchases continued to tilt away from cars and toward trucks and SUVs due to low gas prices and the harsh winter weather," said NAFCU Research Assistant Yun Cohen, who analyzed the data for a NAFCU Macro Data Flash report.
Three of the six largest automakers saw year-over-year sales growths. Fiat Chrysler Automobiles reported the largest gain in sales at 6.9 percent, followed by Nissan (+1.6 percent) and General Motors (+0.5 percent). Toyota's sales were down 4.7 percent versus last year, followed by Ford (-2.8 percent) and Honda (-1.7 percent).
The U.S. brand share of the total vehicle market increased from December's rate of 45.3 percent to 46.2 percent in January. The share of domestically assembled vehicles increased from 79.8 percent to 80.3 percent.
"Sales are likely to remain strong in 2016 with support from cheap fuel prices, low interest rates and an improving labor market, but growth may slow as pent-up demand from the recession diminishes," Cohen said.
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