Forecasters expect a modest decline in July auto sales in part because car companies probably took their foot off the gas in terms of incentives once Independence Day Weekend specials were over early in the month.
Forbe’s reported that J.D. Power and LMC Automotive said in a joint forecast they expect U.S. new-vehicle sales of 1.3 million in July, down about 6% from a year ago in terms of unit sales. Car companies in the U.S. market report July sales on Wednesday, Aug. 1, according to Autodata Corp.
Adjusted for the fact that there are 24 official selling days in July 2018, not counting Sundays and holidays, versus 25 in July 2017, that means sales based on the daily average selling rate are expected to be down just 2%.
Edmunds.com reported a similar forecast, expecting sales to decline about 2% from a year ago.
That’s disappointing after better-than-expected sales in June. Last month, sales were up 5% to almost 1.6 million in June. Just before June sales were announced, J.D. Power and LMC Automotive said in their joint forecast that they expected June auto sales to increase about 2.5%.
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