TrueCar.com, the authority on new car pricing information, trends and forecasting recently released its November 2012 sales and incentives forecast.
The automotive website expects new-light vehicles sales in the U.S. to come in at 1,120,088 units, representing a 12.7 percent increase on a year-over-year comparison and 2.6 percent increase on a month-over-month comparison. The sales forecast translates to a seasonally adjusted annualized rate of 15.2 million new car sales, up from the 13.5 million rate in November 2011 and up from 14.4 in October 2012.
The report also indicated that retail sales in November are up 13.1 percent on a year-over-year comparison and are up 6.3 percent on a month-over-month comparison. In addition, TrueCar.com expects fleet and rental sales will make up 16.1 percent of the industy's total sales in November.
"November was a strong month for new car sales and the impact from hurricane Sandy helped to boost auto sales to its highest since February 2008," said Jesse Toprak, senior analyst for TrueCar.com. "Import automakers got the biggest lift due to some increased incentive spending building momentum heading into next year. We don't expect any major impact on auto sales from the ongoing fiscal cliff discussions."
TrueCar estimates that incentive spending will be $2,765 in November, representing an increase of 4.4 percent on a year-over-year comparison and an increase of 19.3 on a month-over-month comparison.
"Incentives are expected to increase nearly 20 percent in November and to their highest levels in over two years," said Kristen Andersson, analyst for TrueCar.com. "Nissan's incentive spend increased by almost 80 percent while the Asian automakers incentives also grew by over 20 percent. GM was the only domestic automaker that increased incentive spending last month."
Used car sales are estimated to be 2,685,944 in November, up 3.8 percent from a year prior and down 11.7 percent from a month ago.
With the automotive industry showing increases, car owners are encouraged to practice preventative maintenance when caring for their cars. This means following the car's manual on service and having it looked at by a certified auto technician to ensure the vehicle's top performance and to avoid potentially costly repairs down the road.