According to Jonathan Banks, executive analyst at the Used Car Guide division of J.D. Power, "To give you an idea of what the market holds the remainder of 2015, we're at the time of the year where wholesale used vehicle sales begin to slow. Spring and summer historically see a rise in sales as there are several sales-focused holiday weekends, along with a rush of college age drivers in need of reliable transportation before heading to school in the fall."
Mr. Banks' colleague, Laurence Dixon, senior manager of market intelligence, added, "Even though used vehicle sales are seasonally slowing, we saw our used vehicle price index inch up during August. At 123.1 points, the index rose 0.3 percent over July. It's not a huge percent, but it adds evidence about how strong our economy is performing at the moment, and that consumer confidence is continuing to improve."
The new vehicle SAAR climb to 17.22 million this past month can be somewhat attributed to strategic incentive spending according to the monthly report. For the fifth straight month, average spending per vehicle rose 3.3 percent over August of 2014. In real world money, manufacturers spent $3,102 on average.
Watch the Market Update Video
Jonathan Banks recaps how the used car and light truck market performed during August 2015.
Download the Free Report
The full 2015 September Guidelines report can be downloaded for free on the NADA Used Car Guide® website at www.nada.com/b2b.
About NADA Used Car Guide
Since 1933, NADA Used Car Guide® has earned its reputation as the leading provider of vehicle valuation products, services and information to businesses throughout the United States and worldwide. Its editorial team collects and analyzes over 1 million combined automotive and truck wholesale and retail transactions per month. Its guidebooks, auction data, analysis and data solutions offer automotive/truck, finance, insurance and government professionals the timely information and reliable solutions they need to make better business decisions. Visit nada.com/b2b to learn more. NADA Used Car Guide® is licensed by J.D. Power and Associates.
Contact:
Ryan Morris, Sr. Manager, Public Relations
NADA Used Car Guide®, a division of J.D. Power and Associates
(202) 826-4029
[email protected]
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SOURCE NADA Used Car Guide
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