ARLINGTON, Va.—Total vehicle sales increased to a rate of 17.1 million annualized units in November – regaining October's losses with the largest monthly increase since May.
"The auto market has remained remarkably stable since 2015 despite a large shift in consumer preferences from autos to light trucks," said NAFCU Chief Economist and Vice President of Research Curt Long. "That steadiness is a testament to a solid labor market and consistently high consumer sentiment. Lower interest rates are supporting demand, but car prices are still high in relation to modest wage growth. NAFCU expects auto sales volume to remain stable throughout 2020."
Car sales increased from 3.2% to 4.5 million annualized units during the month. Meanwhile, sales of light trucks rose 3.4% to 12.6 million annualized units. Domestic sales grew 3.2% while import sales increased 1.4%.
Despite gains over the month, November's sales were 1.6% lower than a year ago, Long said.