A recent report by industry analysts J.D. Power and GlobalData, published on Wednesday, projects that November's new-vehicle sales will hit 1,236,000 units, marking a significant 10.2% increase compared to the same period last year.
"Sales growth is being enabled by improving vehicle availability," said the president of the data and analytics division at J.D. Power.
Despite the nearly six-week UAW work stoppage, retail inventory levels are anticipated to surge by 7.5% in November compared to last month and show a striking 43.7% increase from the figures seen last year.
However, this accumulation of inventory has contributed to a 1.9% year-on-year decrease in transaction prices. On average, new retail vehicles are priced at $45,332, reflecting this decline due to the inventory build-up.
"The increase in new-vehicle supply and higher interest rates are resulting in falling per unit dealer profits, but those profits continue to exceed pre-pandemic levels," said the analysts.
J.D. Power and GlobalData have revised their annual projection for global light-vehicle sales, now estimating it to reach 89.3 million units, indicating a 10% surge from the previous year, primarily driven by robust demand in China.
In contrast, the forecast for 2024 remains unaltered at 92.3 million units, reflecting a 3% increase from the anticipated sales of 2023.