Cox Automotive sees December 2020 new light-vehicle sales to be approximately 30,000 or 1.9% more than December 2019, approximately 29% or 350,000 units more than last month.
The seasonally adjusted annual rate in December 2020 is forecasted to drop at 15.5 million, compared to last month's 15.6 million pace and a 7% decline from last year’s same month that was at 16.8 million level.
Cox Automotive is forecasting full-year 2020 sales to be 15.3% down from 2019 and will be the first year below 17-million sales since 2014, according to PR Newswire.
"December new-vehicle sales should show a year-over-year increase thanks to the three additional shopping days. But concerns about the virus, more state-directed lockdowns and the ongoing economic recession are likely to constrain holiday sales. The passage of more government stimulus this week is good news overall, but we do not expect new government stimulus to impact the new-vehicle market in any noticeable way in December," Charles Chesbrough, senior economist at Cox Automotive, said.
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