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Retail sales of new vehicles in May are projected at 1.27
million units, down from a year earlier, when adjusting for an
extra selling day this month, the consultancies said in a
report. The forecast was based on the first 17 selling days of
May.
Consumers are expected to spend $41.1 billion on new vehicles in
May, nearly $2.7 billion higher than last year's level, as
prices rise, the report said.
The average new vehicle retail transaction price in May was
$32,380, surpassing the previous May high of $31,188 set last
year, it added.
The higher prices should help automakers, as the Memorial Day
weekend is one of the busiest car buying periods of the year,
said Thomas King, senior vice president of data and analytics at
J.D. Power.
The seasonally adjusted annualized rate for retail auto sales is
expected to be 13.4 million units, down 200,000 from a year ago,
the report said.
(Reporting by Sanjana Shivdas in Bengaluru; Editing by Sai
Sachin Ravikumar)
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