Total vehicle sales rose from 13 million annualized units in June to 13.3 million annualized units in July, marking the first time this year that vehicle sales have risen for back-to-back months. NAFCU Chief Economist and Vice President of Research Curt Long analyzes the data in a new Macro Data Flash report.
“According to J.D. Power, the average new–vehicle transaction price fell slightly on the month but still hovers around $46,000, while incentive spending reached a record low during the month,” Long added.
Car sales rose to 2.8 million annualized units last month, and light truck sales rose from 10.3 million annualized units to 10.6 million.
Domestic production in July was up 11.8 percent from the same month in 2021. Inventory increased slightly to 0.56 months of sales in July.
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