US auto sales expected to continue recovery in June: JD Power, LMC Automotive
- The consultancies estimate total US vehicle sales to fall about 25% to about 1.09 million units in June, slowing from an over 40% plunge in April and a 29% decline in May.
US auto sales are expected to continue their recovery in June following a collapse in April, as coronavirus-led lockdown restrictions ease and buyers slowly return to the market, industry consultants JD Power and LMC Automotive said.
The consultancies estimate total US vehicle sales to fall about 25% to about 1.09 million units in June, slowing from an over 40% plunge in April and a 29% decline in May.
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"The industry continues to show signs of recovery in June," the consultancies said in a statement on Friday.
Also Read : US new car sales in June seen down as much as 30%: Research firms
"The combination of pent-up demand, states relaxing coronavirus-related restriction and elevated incentives are all providing a tailwind for the industry."
Record levels of incentives by automakers are supporting the sales recovery, with incentive spending on pace to reach $4,411, the highest ever for June and an increase of $445 from a year earlier, JD Power and LMC Automotive said.
Also Read : US auto industry in the midst of a once fabled ‘V-shaped recovery’: JPMorgan
But inventory constraints amid the Covid-19 pandemic and any easing of the pent-up demand could hurt the overall pace of the sales recovery, said the consultancies.
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