We’ve got a new forecast for you, before the real car sales results get revealed at the beginning of March. Expect for the auto market to sell 1,331,787 new cars and trucks in the US this month. This will be a 17% increase from last month, but a 1% decrease from February 2016. Also it was estimated that approximately 3.4 million used vehicles will be sold in February, compared to 3 million last month.
The long Presidents' Day holiday weekend undoubtedly contributed to the increase in sales from January. Typically, the holiday boosts sales volume by 20% compared to an average February weekend. The holiday weekend is likely a contributing factor to strong sales in February, but we're also seeing signs that automakers are starting to be a bit more aggressive to move cars off the lot. Fleet sales were higher than average in February, and incentives are continuing to rise. While trucks and SUVs don't need as much help to find interested buyers, inventories of passenger cars are starting to build.
The automakers who will see the largest year-over-year sales increases will be Volkswagen/ Audi and General Motors. VW/Audi is expected to realize a 13.6% gain (38,669 vehicles sold this month compared to 34,039 in February 2016), while GM will see an increase of 5.7% (240,795 sales this month, up from 227,825 in February 2016). The manufacturer with the sharpest drop in sales is expected to be Fiat Chrysler, which will experience a 9.5% decrease (169,514 sales in February 2017 down from 187,318 in February 2016).