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TrueCar Predicts Slower Start to 2016 | DrivingSales News

TrueCar Predicts Lower Sales Numbers For January

January 27, 2016 1 Comment

2015 was a record-setting year for auto sales, but according to TrueCar, 2016 appears to be getting off to a slow start.

TrueCar has released projections for January auto sales and the indication is less growth than was seen a year ago; specifically, a decline of 0.3 percent overall. TrueCar puts some of the blame for slow sales on winter storm “Jonas,” who dumped feet of snow on major cities this past week. However, TrueCar still put their estimated SAAR at 17.6 million, up 5 percent year-over-year.

In a statement TrueCar VP of industry insights, Eric Lyman said, “Jonas curtailed business for many dealerships on the East Coast, but January is typically one of the slowest months for the industry, especially following holiday and year-end sales events. Severe winter weather isn’t ideal for car shopping, but we see signs of strength heading into 2016 and expect consumers to buy a record 18 million new vehicles this year.”

The year-over-year predicted total unit sales change for major automakers for January 2016 according to TrueCar will be:

BMW   +6.8

FCA   +0.9

Ford   -2.2

GM   +1.9

Honda   -6.8

Hyundai   -4.7

Nissan   +2.7

Subaru   -2.0

Toyota   -5.4 percent

Volkswagen   +1.1

TrueCar also noted in their report incentive spending by automakers averaged $2,932 per vehicle during January, a year-over-year increase of 13.4 percent, and down 4.2 percent from December 2015.

Making a prediction on how the rest of the year will shakeout was Stacey Doyle, senior industry analyst for TrueCar who said, “Consumer preference has clearly shifted to crossovers, and that will contribute to a fourth consecutive year of contraction for the midsize car segment. Light trucks will again outpace cars this year, with pickup trucks and utility vehicles likely accounting for 56 percent of total new vehicle volume.”

How has January gone thus far at your store? Was your store or group impacted by the recent large winter storm and how much should weather event impact sales projections?

About the Author:

The DrivingSales News team is dedicated to breaking the relevant and the tough stories affecting car dealers. Have questions for DrivingSales News? Reach the team at news@drivingsales.com.

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