Persistent Supply Problems Continue to Hold Back Auto Industry
June 28, 2022
June U.S. new-vehicle sales are expected to show a market still constrained by a lack of supply and one that is virtually unchanged since January.
- The seasonally adjusted annual rate (SAAR) of new-vehicle sales this month is expected to hit 13.8 million
- That's up from last month’s 12.7 million pace, but well below last year’s 15.5 million level.
- Tight inventory continues to negatively impact new-vehicle sales.
- Since June 2021, monthly sales volume has been stuck in a tight window, with little deviation, averaging 1.1 million units a month and peaking only at 1.3 million in June 2021.
- With no clear timeline for any notable recovery in new-vehicle inventory levels, Cox Automotive is lowering its full-year 2022 U.S. auto sales forecast to 14.4 million units, down from its current forecast of 15.3 million. The current forecast now is for new-vehicle sales volumes to fall below the 14.6 million sold in 2020 when the market was initially ravaged by the global COVID pandemic.