Global| Oct 03 2017U.S. A "Yearend Sales Event" Spurs Vehicle Purchases
by:Tom Moeller
|in:Economy in Brief
Summary
The market for new motor vehicles regained positive momentum last month as automakers aggressively cleared inventory in advance of the 2018 model selling season. Total sales of light vehicles jumped 15.0% during September (4.8% y/y) [...]
The market for new motor vehicles regained positive momentum last month as automakers aggressively cleared inventory in advance of the 2018 model selling season. Total sales of light vehicles jumped 15.0% during September (4.8% y/y) to 18.57 million units (SAAR) from 16.14 million in August, according to the Autodata Corporation. It was the highest level of sales since July 2005.
A 16.3% surge (11.6% y/y) in light truck sales led the sales increase last month. The jump to 11.76 million sales (AR) was powered by domestically-made light trucks which increased 16.5% (9.6% y/y) to 9.69 million units. Imported light truck sales also showed strength with a 15.7% surge (22.0% y/y) to a record 2.07 million units.
The passenger car market also strengthened during September with a 12.9% rise (-5.2% y/y) to 6.81 million units. Domestically-produced passenger car sales increased 13.6% last month (-5.5% y/y) to 4.95 million units. Sales of imported passenger cars rose 10.9% (-4.4% y/y) to 1.85 million units.
Trucks' share of the U.S. vehicle market improved m/m to 63.3%, but remained below December's high of 64.2%.
Imports share of the U.S. vehicle market eased to 21.1%. Imports share of the passenger car market slipped to 27.2%. Imports share of the light truck market was fairly steady at 17.6% but remained higher than the 12.7% share during all of 2014.
U.S. vehicle sales figures are published by the Autodata Corporation and can be found in Haver's USECON database.
| Light Weight Vehicle Sales (SAAR, Million Units) | Sep | Aug | Jul | Sep Y/Y % | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|
| Total | 18.57 | 16.14 | 16.77 | 4.8 | 17.55 | 17.42 | 16.52 |
| Autos | 6.81 | 6.03 | 6.21 | -5.2 | 7.10 | 7.73 | 7.92 |
| Domestic | 4.95 | 4.36 | 4.51 | -5.5 | 5.20 | 5.63 | 5.68 |
| Imported | 1.85 | 1.67 | 1.70 | -4.4 | 1.90 | 2.10 | 2.24 |
| Light Trucks | 11.76 | 10.11 | 10.55 | 11.6 | 10.44 | 9.74 | 8.60 |
| Domestic | 9.69 | 8.32 | 8.68 | 9.6 | 8.75 | 8.37 | 7.51 |
| Imported | 2.07 | 1.79 | 1.88 | 22.0 | 1.69 | 1.38 | 1.09 |
Tom Moeller
AuthorMore in Author Profile »Prior to joining Haver Analytics in 2000, Mr. Moeller worked as the Economist at Chancellor Capital Management from 1985 to 1999. There, he developed comprehensive economic forecasts and interpreted economic data for equity and fixed income portfolio managers. Also at Chancellor, Mr. Moeller worked as an equity analyst and was responsible for researching and rating companies in the economically sensitive automobile and housing industries for investment in Chancellor’s equity portfolio. Prior to joining Chancellor, Mr. Moeller was an Economist at Citibank from 1979 to 1984. He also analyzed pricing behavior in the metals industry for the Council on Wage and Price Stability in Washington, D.C. In 1999, Mr. Moeller received the award for most accurate forecast from the Forecasters' Club of New York. From 1990 to 1992 he was President of the New York Association for Business Economists. Mr. Moeller earned an M.B.A. in Finance from Fordham University, where he graduated in 1987. He holds a Bachelor of Arts in Economics from George Washington University.
