TrueCar Forecasts Continued Strong New Vehicle Sales Growth in September; Up 9.7% Compared to Last Year
Manufacturers Expected to Spend an Average of $2,801 Per Vehicle in Incentives, Down 6% from August
SANTA MONICA, Calif., Sept. 24, 2014 /PRNewswire/ -- TrueCar, Inc., the negotiation-free car buying and selling platform, today released its September 2014 sales and incentives forecast, which shows the following:
- Seasonally Adjusted Annualized Rate ("SAAR") of 16.4 million new vehicle sales.
- TrueCar's 2014 Annual Sales Forecast remains at 16.4 million vehicles as well.
- New light vehicle sales in the U.S. (including fleet) are expected to reach 1,249,000 units for the month.
- New light vehicle sales are up 9.7% from September 2013.
- With only one more selling day, the Daily Selling Rate (DSR) for this September is 5.2% greater than that of September 2013.
- TrueCar forecasts average incentive spending by automotive manufacturers to be $2,801 per vehicle sold in September 2014, an increase of 13.1% from September 2013 and a decrease of 6.2% from August 2014.
- Registration mix expected to be 84.9% retail and 15.1% fleet for the month, compared to 84.4% retail, and 15.6% fleet last September.
- Total used car sales, including franchise and independent dealerships, and private party sales, are estimated to be 3,287,328; down 1.2% compared to last September.
"We expect another strong month for the industry with the best September since 2007," said John Krafcik, president of TrueCar. "Incentive spending has tapered off from August, a month where we found increases attributable to shifts in segment mix, model year clearance and holiday events. September incentive spending and transaction price growth are at healthy levels."
Forecasts for the top nine manufacturers for September 2014:
| Unit Sales |
||
| Manufacturer |
September 2014 Forecast |
% Change vs. September 2013 |
| Chrysler |
168,000 |
17.5% |
| Ford |
175,000 |
-5.1% |
| GM |
225,000 |
20.2% |
| Honda |
120,000 |
13.7% |
| Hyundai |
57,000 |
3.4% |
| Kia |
47,000 |
23.7% |
| Nissan |
100,000 |
15.1% |
| Toyota |
171,000 |
4.0% |
| Volkswagen Group |
45,000 |
-6.4% |
| Industry |
1,249,000 |
9.7% |
| Market Share |
|||
| Manufacturer |
September 2014 |
September 2013 |
August 2014 |
| Chrysler |
13.5% |
12.6% |
12.5% |
| Ford |
14.0% |
16.2% |
14.0% |
| GM |
18.0% |
16.4% |
17.2% |
| Honda |
9.6% |
9.3% |
10.5% |
| Hyundai |
4.6% |
4.8% |
4.4% |
| Kia |
3.8% |
3.3% |
3.5% |
| Nissan |
8.0% |
7.6% |
8.5% |
| Toyota |
13.7% |
14.4% |
15.5% |
| Volkswagen Group |
3.6% |
4.2% |
3.6% |
| Incentive Spending |
|||||
| Manufacturer |
September 2014 Forecast |
% Change vs. September 2014 |
% Change vs. August 2014 |
Total Spending |
|
| Chrysler |
$ 3,644 |
15.7% |
-5.2% |
$612,214,606 |
|
| Ford |
$ 3,355 |
11.6% |
-6.7% |
$587,074,192 |
|
| GM |
$ 3,336 |
2.7% |
-10.4% |
$750,657,308 |
|
| Honda |
$ 2,076 |
40.5% |
-1.1% |
$249,074,826 |
|
| Hyundai |
$ 1,397 |
-12.7% |
-10.7% |
$79,643,400 |
|
| Kia |
$ 2,168 |
3.1% |
-7.0% |
$101,900,909 |
|
| Nissan |
$ 2,655 |
26.0% |
-11.8% |
$265,535,000 |
|
| Toyota |
$ 2,192 |
22.8% |
-6.1% |
$374,906,562 |
|
| Volkswagen Group |
$ 2,957 |
13.9% |
-7.6% |
$133,067,644 |
|
| Industry |
$ 2,801 |
13.1% |
-6.2% |
$3,495,156,843 |
|
About TrueCar
TrueCar, Inc. (NASDAQ: TRUE) is the negotiation-free car buying and selling platform. TrueCar enables a negotiation-free car buying experience by giving buyers transparent insight into what others actually paid (price confidence), upfront pricing information (price discovery), and access to a network of trusted TrueCar Certified Dealers who provide guaranteed savings certificates and seamlessly complete the car purchase. The reality is that buying a car is painful and buyers fear they are going to overpay or be surprised with hidden fees. TrueCar's transparent upfront pricing information makes the car buying process simple so there are no surprises and buyers never overpay. TrueCar's mission is to make car buying simple, fair and fun. Its national network of more than 8,000 TrueCar Certified Dealers, including both new car franchise dealers and non-franchise dealers, is committed to providing negotiation-free savings off MSRP and upfront pricing information for all car-buyers, including members of some of the country's largest membership and service organizations such as AARP, American Express, AAA, and USAA. Note: Not all program features are available in all states. Go to www.truecar.com for program details. TrueCar is headquartered in Santa Monica, Calif., with offices in Santa Barbara, Calif., San Francisco, Calif., and Austin, Texas.
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SOURCE TrueCar, Inc.
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