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May SAAR to Hit 16.1 Million Vehicles, According to TrueCar; 2014 New Vehicle Sales Expected to be up 5.5 Percent Year-Over-Year

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SOURCE TrueCar

Estimated incentive spending at $2,677 per vehicle

SANTA MONICA, Calif., May 23, 2014 /PRNewswire/ -- TrueCar, the negotiation-free car-buying platform, today released its May 2014 sales and incentives forecast, which shows the following:

  • New light vehicle sales in the U.S. (including fleet) are expected to reach 1,521,000 units, up 5.5 percent from May 2013 and up 9.5 percent from April 2014.
  • Seasonally Adjusted Annualized Rate ("SAAR") of 16.1 million new vehicle sales is up 6 percent from May 2013 and up 1.1 percent over April 2014.
  • Share of retail sales is expected to be up 0.6 percent compared to May 2013 and up 1 percent from April 2014.
  • Fleet and rental sales are expected to make up 17 percent of total industry sales in May 2014.
  • The industry average incentive spending per unit will be approximately $2,677 in May 2014, an increase of 0.7 percent from May 2013 and an increase of 3.5 percent from April 2014.
  • Used car sales* are estimated to be 3,241,000. The ratio of new to used is estimated to be 1:2.1 for May 2014.
TrueCar Logo.

"The industry is back to the level we expected at the beginning of the year," said Larry Dominique, President of ALG and Executive Vice President of TrueCar.  "Chrysler, GM and Nissan are all benefiting from increased demand. They are showing higher sales and are able to pull back on incentive spending."

Forecasts for the top eight manufacturers for May 2014:

 

Unit Sales

Manufacturer

May

2014 Forecast

% Change vs. May 2013

% Change vs. April 2014

Chrysler

189,000

13.4%

5.8%

Ford

244,000

-0.8%

16.0%

GM

268,000

6.0%

5.5%

Honda

149,000

6.4%

12.5%

Hyundai/Kia

128,000

6.1%

6.9%

Nissan

121,000

5.7%

16.4%

Toyota

221,000

6.3%

10.7%

Volkswagen Group

53,000

-3.9%

4.8%

Industry

1,521,000

5.5%

9.5%

 

Market Share

Manufacturer

May

 2014 Forecast

May-13

Apr-14

Chrysler

12.4%

11.6%

12.9%

Ford

16.0%

17.1%

15.1%

GM

17.6%

17.5%

18.3%

Honda

9.8%

9.7%

9.5%

Hyundai/Kia

8.4%

8.4%

8.6%

Nissan

8.0%

7.9%

7.5%

Toyota

14.5%

14.4%

14.4%

Volkswagen Group

3.5%

3.8%

3.6%

 

Incentive Spending

Manufacturer

May 2014 Incentives

% Change vs.

May 2013

% Change vs.

Apr. 2014

Total Spending

Chrysler

$    3,076

-5.9%

0.5%

$            581,295,258

Ford

$    3,316

7.9%

3.3%

$            809,206,067

GM

$    3,411

-6.6%

1.9%

$            914,153,249

Honda

$    2,118

17.0%

3.4%

$            315,564,092

Hyundai/Kia

$    2,071

35.5%

3.9%

$            265,055,746

Nissan

$    2,400

-14.5%

9.8%

$            290,370,337

Toyota

$    1,861

3.2%

8.3%

$            411,377,922

Volkswagen Group

$    2,798

13.7%

2.7%

$            148,291,809

Industry

$    2,677

0.7%

3.5%

$         4,065,898,980

TrueCar bases its forecast on actual transaction data. The transaction data-based forecast is refined by other current and historical factors that impact vehicle sales, including inventory, incentives, fuel prices and macro economic data (major stock market indexes, consumer confidence, new home starts and CPI).  TrueCar does not adjust for selling days in year-over-year percentage change calculations.

*Used car sales figures include sales from franchise dealerships, independent dealerships and private party sales

About TrueCar
TrueCar is the negotiation-free car buying platform. TrueCar empowers car buyers by giving them transparent insight into what others actually paid, upfront pricing information, and a network of trusted TrueCar Certified Dealers who provide guaranteed savings certificates and seamlessly complete the car purchase. The reality is buying a car is painful and buyers fear they are going to overpay. TrueCar's transparent upfront pricing information and guaranteed savings certificate make the car buying process simple so buyers never overpay. TrueCar's mission is to prove that truth and transparency is a more profitable way of doing business -- starting with automotive. Its national network of more than 7,000 TrueCar Certified Dealers is committed to providing negotiation-free savings for some of the country's largest membership and service organizations, including AARP, American Express, AAA, USAA and Consumer Reports. Note: Not all program features are available in all states. Go to www.truecar.com for program details. TrueCar is a privately held company headquartered in Santa Monica, Calif., with offices in Santa Barbara, Calif., San Francisco, Calif., and Austin, Texas.

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