CNW Puts October’s Sales Rate at 14.5 Million Units
BANDON, Ore. — The first half of October has the industry on track to sell between 14.4 and 14.6 million units this year, CNW Research reported in its automotive retail summary for the month. In October’s opening days, the firm said same-store sales surpassed last year’s numbers by almost 13 percent, while closing ratios have spiked by 13 percent vs. a year ago. The main driver, according CNW’s Art Spinella, is leasing.
“Leasing is once again behind much of the increase, as residual value projections become more lenient and finance rates for those leases decline in order to get payments into the low $200 per month range,” Spinella wrote.
The firm’s data also revealed that the share of incentivized sales have grown steadily since May to 90 percent. Total value of those incentives has reached nearly $4 billion, up nearly 50 percent from January 2011 and 33 percent higher than the $3 billion reported last October.
Floor traffic — which drastically varied from brand to brand — also is on the rise, as is the percentage of shoppers who say they’ll be back in the market within three months. “That, in turn, has boosted the pent-up demand level to a point that bodes well for late 2012 and early 2013 sales,” Spinella wrote, noting that most shoppers typically take about six months to make their way through the purchasing funnel.
By brand, new floor traffic among Chrysler customers in October was up 31.9 percent, significantly higher than the overall industry average of 21.3 percent. Hyundai’s floor traffic was at 24.5 percent, while Ford was at the industry mark. General Motors (11.2 percent) and Honda (18.3 percent) were the only two brands that fell below the industry average.
CNW finds that the solid sales month is paving the way for an anticipated 15.7 million unit delivery rate for 2013.
More Industry

RV Group Expands Carolina Footprint
Blue Compass RV Columbia Northeast is the 13th RV dealership owned by Blue Compass in the Carolinas.
Read More →
Agent Acumen
An Agent Summit panel of people who’ve been supporting auto dealers for years gave both timely and timeless advice for those starting out or mulling the prospect.
Read More →
Missed Maintenance Creates Opportunity
As families get back on the road and into daily school routines, service drives have an opportunity to capture customers who are behind on recommended vehicle maintenance.
Read More →
Mitsubishi Unveils U.S. Plan
The automaker announced a strategy that includes an expanded lineup and dealership presence, along with more ‘rugged’ and electric models.
Read More →
Selling to Grow
The question of whether you should sell your agency and if so, when, is up to you. But it’s a question worth asking to ensure you keep the business on the right path for yourself, employees and clients.
Read More →
Recalled Vehicles Hit 5-Year High
Though the number of events has fallen so far this year, impacted units are up significantly. Meanwhile, regulators consider consumer notification changes.
Read More →
Auto Group Acquires Top-Performing Rooftop
Car Pros sold its Kia Huntington Beach location to Sutherlin Automotive Group, marking the buyer’s third location in Southern California.
Read More →
China as Pacesetter
Automotive leaders huddled on where North America stands in the global picture and how it can strengthen its position against the Asian juggernaut’s surging industry.
Read More →
BMW Concept Car Makes Fuel to Burn
The prototype developed in concert with a South Carolina university engineering team generates more solar energy than it uses in a typical daily commute.
Read More →
South Carolina Auto Group Downsizes
Florida-based group Holler-Classic has acquired four rooftops, its first in South Carolina, from Dick Smith Automotive Group.
Read More →