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US April retail sales are projected to total 668,000 units, which translates to a seasonally adjusted annualized rate of 7.8 million.
Total industry sales, which includes fleet sales, are projected to be 853,000 in April, which represents an annual sales rate of 9.7 million. Last month, the total industry rate was 9.86 million, down 37% year over year, according to sales tracker Autodata.
“Industry sales are starting to show signs of stability,” said Gary Dilts, senior vice president of global automotive operations at J.D. Power, in a statement.
J.D. Power said it expects “a modest increase” in auto sales over the next few months. For the full year, the group projects the retail sales rate to total 8.5 million.
The long-term outlook is even more optimistic. As the economy recovers, J.D. Power estimates potential growth in vehicle demand of 20 million units during the next five years.
