According to a monthly sales forecast developed by J.D. Power and Associates' Power Information Network and LMC Automotive, the new-vehicle retail selling rate rebounded to a healthy level following the damage caused by Hurricane Sandy, which ripped across the East Coast in October.
Retail sales for new vehicles in November are expected to total 931,900 units, which represents a seasonally adjusted annualized rate of 12.9 million units.
"Sales have strengthened each week in November, which bodes well for a strong finish to the month and the year," said John Humphrey, senior vice president of global automotive operations at J.D. Power and Associates. "We expect healthy sales in December, as the industry continues to recover from Sandy and leads into its year-end sales events."
According to LMC Automotive, the 2012 forecast for total light-vehicle sales in the United States is continuing toward a pace of 14.4 million units and retail sales are expected to total 11.7 million units.
The sales forecast in the United States for 2013 remains stable at 15 million units for total light-vehicles and 12.2 million for retail sales. There is also a possibility of growth increasing in the first half of 2013 after the current level of uncertainty is eliminated or reduced.
"The irrepressible need and willingness of consumers to replace aging vehicles is stronger than the effects of natural disasters and fiscal turmoil both here and abroad," said Jeff Schuster, senior vice president of forecasting at LMC Automotive. "A sustained recovery pace in auto sales is expected over the next six months, barring any fiscal cliff hangover, but the medium-term forecast is still dependent on more pronounced economic activity and growth."
North American light-vehicle production volume is also up by 20 percent through the first 10 months of 2012 compared to the same time last year. Volume through October is at nearly 13.1 million units, which is the same volume level as in all of 2011.
In order to continue a great year in sales that started off with great performance numbers, New York auto dealers are now offering a wide range of car deals to get Hurricane Sandy victims back on the roads in a safe and reliable vehicle.