The National Automobile Dealers Association published an analysis of vehicle sales during the first quarter of 2021. The report established a rosy outlook for the rest of the year.
The analysis shows that while 2020 sales were down 14.7% compared to the year prior, sales in the first quarter of this year were extremely strong.
"We're coming off the worst GDP contraction since World War II... looking forward to this year, we're expecting very strong growth," NADA Chief Economist Patrick Manzi said in a YouTube video.
Manzi acknowledges that the COVID-19 pandemic unquestionably affected the automotive industry in 2020. But with strong signs of economic recovery, optimism fills the industry’s air, driving hope and enthusiasm. Despite some challenges, NADA’s new light-vehicle sales forecast for the year is at 16.3 million units.
Notably, last month’s new light-vehicle sales were stellar, according to NADA Market Beat. March’s SAAR (seasonally adjusted annual rate) of 17.75 million units is the second-highest of all time for the month since March 2000.
Overall, March 2021 has been a good month for automakers, as some brands show a three-digit percent increase in their sales, according to Motor1.com. These include Hyundai (115%), Lexus (113%), Genesis (108%), Mazda (104%) and Subaru (102%). Chevrolet, Dodge and Infiniti were down by 1.7%, 28%, and 25% respectively.
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