U.S. auto sales are expected to drop 1.8% in July from a year earlier, as higher...
FILE PHOTO: Automobiles drive in heavy traffic along the Long Island Expressway in the Queens borough of New York, U.S., November 20, 2018. REUTERS/Shannon Stapleton
The consultancies estimate total U.S. vehicle sales of about 1.40 million units in July, with retail sales of new vehicles expected to drop 2% to 1.18 million units on a selling day adjusted basis, compared with a year earlier. “July will be another month of modest sales declines but with high vehicle expenditures as the average new vehicle sales price exceeds $33,000, up over $1,400 from July 2018,” Thomas King, senior vice president of the data and analytics division at J.D. Power, said in a statement on Monday.
The average number of days a new vehicle remains with dealers before being sold to a retail customer are 73 days through July 21, up six days from a year earlier, while industry incentive spending is on pace to exceed $4,000 per unit for the month, the highest level since December 2018, the consultancies said.
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