July U.S. auto sales tumble as recovery headwinds mount

“As we enter the second half of 2022, there are many headwinds against a noticeable recovery in sales volumes,” said Cox Automotive’s senior economist. Charlie Chesbrough. “Rising interest rates and weak consumer confidence are keeping many potential buyers out of the market. At the same time, higher gasoline and vehicle prices make affordability an even more challenging Limited supply, however, continues to be the biggest hurdle over the near term, and there is little evidence of a return to normal supply.”

Most industry forecasters, including Cox Automotive, expect chip shortages and other supply chain issues to improve through the second half of this year. Yet the pace of this recovery will be varied and volatile. Chesbrough notes, “Industry watchers will likely have to wait until the fall for any of these issues to show improvement.”

July 2022 Sales Forecast Highlights

  • In July, new light vehicle sales are expected to fall 13.4% from July 2021 and down 2.1% from last month.
  • The SAAR in July 2022 is estimated at 13.2 million, below last year’s level of 14.7 million, but up from June’s pace of 13.0 million.
  • Only one segment – compact cars – is expected to see an increase in sales month over month.
  • There are 26 days of sale in July 2022one less than July 2021 but the same as June 2022.

July 2022 New vehicle sales forecast


Sales forecasts1

Market share


Segment

Jul-22

Jul-21

Jun-22

YEAR %

MOM%

Jul-22

Jun-22

MOM


Midsize SUV/Crossover

190,000

229,632

193 259

-17.3%

-1.7%

17.0%

16.9%

0.1%


Compact/Crossover SUV

170,000

187,916

173,023

-9.5%

-1.7%

15.2%

15.1%

0.1%


Full-size pickup truck

165,000

175 119

167,900

-5.8%

-1.7%

14.7%

14.7%

0.1%


Intermediate car

70,000

80,413

70,769

-12.9%

-1.1%

6.3%

6.2%

0.1%


compact car

65,000

108,884

63,627

-40.3%

2.2%

5.8%

5.6%

0.2%


Total2

1,120,000

1,292,628

1,144,502

-13.4%

-2.1%





1 Cox Automotive Industry Insights Data

2 Total includes segments not shown

All percentages are based on gross volume, not daily sell rate.

About Cox Automotive
Cox Automotive Inc. makes it easier for everyone to buy, sell, own and use vehicles. The 27,000+ team members and global company family of brands, including Autotrader®Dealer.com®Dealer®, Kelley’s Blue Book®Mannheim®NextGear Capital®WineSolutions®vAuto® and Xtime®, are passionate about helping millions of car buyers, 40,000 car dealership customers across five continents, and many others in the automotive industry thrive for generations to come. Cox Automotive is a subsidiary of Cox Enterprises Inc., a privately held, Atlantabased in New York with annual revenues of nearly $20 billion. www.coxautoinc.com

SOURCE Cox Automotive

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