2015 U.S. New Vehicle Forecast to 17.1M Units
April 7, 2015—TrueCar, Inc. projects 2015 total light new vehicle sales will reach 17.1 million units, up from an initial 17 million-unit forecast, owing to favorable first-quarter deliveries and a strong economic outlook for the remainder of the year.
Sales of new cars and light trucks increased 5.6 percent in the quarter compared to a year earlier, producing the highest first-quarter volume since 2001. Brands including BMW, Daimler, Hyundai, Kia, Nissan and Subaru all reported their best first quarters in over 14 years.
"This was an outstanding way to kick off the year," said Eric Lyman, vice president of industry insights for TrueCar. "As we move past harsh weather that lingered in much of the country through March, and with the outlook for the U.S. economy looking even more favorable for the remainder of 2015, TrueCar expects this to be an excellent period for the industry."
U.S. economic indicators, including GDP, housing starts, the Dow Jones Industrial Average and wages and salaries, which are all projected to strengthen in 2015, mirror that growth.
In terms of revenue, TrueCar found the first quarter to be the best ever, totaling $128 billion, up 8.4 percent versus last year. Incentive spending as a percentage of average transaction price declined by 2.6 percent, averaging 8.3 percent for the quarter. This is a sharp decline from post-recession levels of 10.4 percent.