New-Car Market Expands 12% in October, SAAR Tops 16M
In October 2024, the U.S. new light-vehicle sales enjoyed a 12% year-over-year increase, driven by strong retail market that offset weaker fleet sales, according to the latest report from Automotive News.
The gain marks a recovery after a slower third quarter, fueled by improving vehicle availability and strong consumer demand. Dealers and automakers continue to face challenges such as rising interest rates, but retail sales growth signals positive momentum. The overall auto market remains resilient, indicating that consumer confidence and demand for new vehicles remains strong despite broader economic concerns.
“Sales have generally disappointed for much of 2024, but October provided a pleasant change of pace,” said David Oakley, manager of sales forecasting for the Americas at GlobalData, told AN. “While the fundamentals of the market have probably not shifted to a great extent, some consumers appear to have been enticed by the gradual uptick in incentives, allied with greater vehicle availability and an easing in interest rates.”
