After U.S. sales of new vehicles grew in the first half of 2018, the market could be near a tipping point and decline during the second half, according to three forecasts issued this week.
Forecasts from Cox Automotive, Edmunds and LMC Automotive/J.D. Power call for June U.S. new vehicle sales to rise between 2.1% and 3.4%.
“All indicators tell us that we have reached peak market and it won’t be getting better from here,” Charlie Chesbrough, senior economist for Cox Automotive, said in a statement. “Monthly sales volume in June is expected to rise over last year, but June has one additional selling day this year — 27 instead of 26 — and the pace is not expected to rise very much.”
The LMC/J.D. Power forecast estimates that retail sales, a key barometer of the industry’s health, will rise 3.2% compared with June 2017.
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