UNITED STATES — October auto sales are expected to fall slightly behind the year-ago month, by margins ranging from less than 1 percent to a couple of percentage points, forecasters said. That’s not bad at all, under the circumstances, reported Forbes today.
Rising interest rates and higher transaction prices are headwinds for auto sales, analysts said. Based on dealership data from earlier in the month, J.D. Power and LMC Automotive reported the average new-vehicle transaction price for October would be a record $32,947, up about $500, or 1.5 percent from a year ago.
At the same time, the forecasting firms said the average incentive per unit in early October was $3,742, down 4 percent vs. the same period last year.
Read the full article at Forbes.