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In a down economy, industry experts recommend dealerships offer a range of finance and vehicle options to address budgetary concerns.
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NADA economist forecasts supply chain challenges, including the chip shortage, will persist well into 2022.
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For 2020, NADA expects that new light-vehicle sales will total 14.2 million units. There may be some regional ups and downs in sales as the country deals with spikes in COVID-19 cases throughout the winter months.
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During this quarter, retail sales recovered much more quickly than fleet sales from the effects of the COVID-19 pandemic.
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Cox expects 2020 to mark the beginning of a slight decline in the sale of total used-vehicles, as retail used-vehicle sales grow.
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The National Automobile Dealers Association estimates U.S. new vehicle sales will fall to 16.8 million units as internal and external forces reshape the auto retail industry.
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Wages continue to rise for workers at U.S. new car dealerships, who earned an average of $72,800 in 2018, according to a midyear NADA Data report.
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U.S. sales of new cars and light trucks fell 12% year-over-year in September, suppressed in part by a Labor Day weekend allotted to August. Few were spared the sting, with all six of America’s and Japan’s biggest factories reporting double-digit declines.
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