|
Market research firm Cox Automotive estimates U.S. new-vehicle
sales volume in the second quarter to grow 1% to nearly 4.2
million units. New vehicle sales had surged about 16%
year-on-year in the corresponding period in 2023.
Industry experts have forecast some impact to sales after a
cyber incident at retail technology and software provider CDK
affected dealers across the country in June.
"The CDK cyberattacks have thrown a monkey wrench into sales
during the second half of June, affecting what is arguably one
of the most lucrative and busiest times of the month and quarter
for dealerships," said Jessica Caldwell, head of insights,
Edmunds.
The CDK outage was the latest hiccup for automakers in the
United States, with more than 15,000 retail locations in the
country relying on the retail technology provider for their
dealer management software.
Analysts expect vehicle retailers and automakers to recoup most
of the lost sales in July.
Automakers have benefited from pent-up demand for SUVs, pickup
trucks and hybrid vehicles. Discounts on certain models and
incentives have also attracted price-conscious shoppers.
General Motors is expected to hold its top spot in the quarter,
closely followed by Toyota Motor's North America unit and Ford,
according to Cox.
Automakers launching more affordable feature-packed models also
attracted some buyers looking to switch their older vehicles.
Cox, however, remained "concerned" over auto sales growth not
being able to hold gains over the latter part of the year due to
uncertainties, including the U.S. presidential election.
"New vehicle affordability concerns remain prevalent and
inventories are not expected to advance as strongly as they have
done over the past 12 months," said Chris Hopson, S&P Global
Mobility analyst.
(Reporting by Nathan Gomes in Bengaluru; Editing by Shilpi
Majumdar)
[© 2024 Thomson Reuters. All rights
reserved.]
This material may not be published,
broadcast, rewritten or redistributed.
Thompson Reuters is solely responsible for this content.
|
|
