Cox Automotive has released its June 2020 forecast in which June sales volume is projected to drop by 30% compared to the previous year.
Seasonally adjusted annual rate (SAAR) is expected to close at 12.6 million, an increase from May’s 12.2 million level but a large decrease from last year’s 17.2 million pace.
It is also estimated that sales volume in the first half of 2020 will fall by 24.2% compared to the same period last year.
Cox Automotive projects the pace of recovery will be slow in the coming weeks due to some factors that may keep car shoppers away such as continued unemployment concerns.
“The auto market will have some major obstacles over the summer that will slow the V-shaped rebound we had all hoped for. Available inventory is likely becoming a drag on sales, and some pull-ahead demand may have occurred in previous months as a result of all the aggressive 0% financing offers, particularly those directed at pickup buyers,” Cox Automotive Senior Economist Charlie Chesbrough said in a release from the company.
All percentages are based on raw volume, not daily selling rate.
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