According to the latest edition of Guidelines, NADA Used Car Guide’s monthly market update, July’s new vehicle sales tally came in at 1.06M units which was a 1% increase on both an annual and sequential basis.
Below are more highlights from the NADA August 2011 Guidelines:
-The seasonally adjusted annual rate of 12.2M units was 6% higher than June’s SAAR.
-Trucks outsold cars by capturing a 53% share of the market, which was a 2% gain over June’s share.
– On the Japanese side, sales for Honda and Toyota declined by 28% and 23% as both OEMs are still feeling the effects of March’s natural disasters.
-July’s month-end days’ supply reached 49 days, or five days back of June’s figure, with car supply slipping two days to 39 and truck supply dropping a more dramatic nine days to settle at 57.
-Overall incentive spending was up by ~6% for the month.
– On a mileage and mix adjusted basis, AuctionNet wholesale prices for July were within +/- 1% of June, as car prices cooled just a bit and truck prices picked up. Car prices are still up beyond 16% year-over-year; prices for the other major segments – all trucks – are up between 3 – 8%.
-At a subsegment level, compact and mid-size car declines led all other segments with wholesale prices pulling back as much as 3.5% from June, depending on model year.
-Countering car results, large pickup prices improved month-over-month, while CUV and SUV prices for all sizes remained flat or dropped little.
– Official Used Car Guide values for August are an extension of July’s market results, with aggressive downward adjustments on mainstream car segments and more moderate adjustments for trucks and luxury cars.
-We envision intermediate compact and mid-size car prices continuing to give back early year gains; as a result, values for this month’s edition are down on average 3% compared to last month.
-It’s our expectation that truck prices will continue to benefit from falling supply and gas prices; to this end, downward value adjustments for the August edition were less than 1% relative to July in most cases.
ATD/NADA Official Commercial Truck Guide Update:
-Continued shortage of used trucks creates increasing market volatility.
-Age of trucks sold retail vs. wholesale is at parity.
-Minor increase in average selling price of sleeper tractors despite higher mileage.
-Average selling price of late-model trucks may be capping-out due to high mileage.