New Vehicle Sales Increase By 8%
The 2016 Chevrolet Equinox, photo courtesy of the automaker.
New light-vehicle sales, including fleet, will increase by approximately 8% year-over-year, to reach a total of 1.66 million units in March. Additionally, the SUV and crossover segment experienced an estimated 23.1% growth for 2016, according to Kelley Blue Book.
The estimated 1.66 million units will bring the first quarter total to 4.15 million units sold, which is up 5% year-over-year, making this the second highest first quarter on record. And, this also could be the highest March sales total since 2000, when sales also hit 1.66 million units, and the highest volume total of any month since July 2005.
March new-light vehicle sales are also up 24% from February.
"The industry continues to maintain its momentum in March as we expect the highest volume of any month in more than 10 years," said Tim Fleming, analyst for Kelley Blue Book. "However, we continue to follow indicators that demand for new cars is weakening, while there is increased incentive spending and an increasing share of fleet sales."
Year-over-year, the compact SUV/crossover segment experienced a 23.1% increase according to Kelley Blue Book.