February SAAR to Hit 15.4 According to TrueCar;
Contact: Michael Cooperman (818) 427-8294/(805) 898-8510 [email protected] February SAAR to Hit 15.4 According to TrueCar; 2014 New Vehicle Sales Expected to be up 1 Percent Year-Over-Year Estimated incentive spending climbs above $2,600 per vehicle – highest since 2010 SANTA MONICA, Calif., (February 24, 2014) – TrueCar, the negotiation-free car buying platform, today released its February 2014 sales and incentives forecast, which shows the following: New light vehicle sales in the U.S. (including fleet) are expected to be 1,197,000 units, up 0.5 percent from February 2013 and up 18.5 percent from January 2014. Seasonally Adjusted Annualized Rate (“SAAR”) of 15.4 million new vehicle sales is up 1.0 percent from February 2013 and up 0.6 percent over January 2014. Share of retail sales is up 2.9 percent compared to February 2013 and down 0.7 percent from January 2014. Fleet and rental sales are expected to make up 19.7 percent of total industry sales in February 2014. The industry average incentive spending per unit will be approximately $2,633 in February 2014, an increase of 5.1 percent from February 2013, and an increase of 3.3 percent from January 2014. Used car sales* are estimated to be 3,302,000. The ratio of new to used is estimated to be 1:2.8 for February 2014. “With February incentives hitting a three-year high and inventory levels at their peak since 2009, we expect elevated incentive spending to continue,” said Larry Dominique, President of ALG and Executive Vice President of TrueCar. “March is going to be a ‘must-win’ month for dealers if they hope to have a successful 2014.” Forecasts for the top eight manufacturers for February 2014: Manufacturer FCA Ford GM Honda Hyundai/Kia Nissan Toyota Volkswagen Group Industry Unit Sales February 2014 % Change vs. February Forecast 2013 147,000 5.7% 182,000 -6.8% 211,000 -5.9% 109,000 0.9% 95,000 1.3% 113,000 13.4% 166,000 -0.2% 46,000 1.9% 1,197,000 0.5% % Change vs. January 2014 15.6% 18.6% 23.0% 19.0% 17.3% 24.9% 13.4% 25.4% 18.5% Manufacturer Market Share February 2014 Feb-13 Forecast Jan-14 FCA 12.3% 11.7% 12.6% Ford 15.2% 16.4% 15.2% GM 17.6% 18.8% 17.0% Honda 9.1% 9.1% 9.1% Hyundai/Kia 7.9% 7.9% 8.0% Nissan 9.4% 8.4% 9.0% Toyota 13.9% 14.0% 14.5% Volkswagen Group 3.8% 3.8% 3.6% Manufacturer Incentive Spending Feb. 2014 % Change vs. Incentives Feb. 2013 % Change vs. Jan. 2014 Total Spending FCA $3,012 -10.1% 3.0% $ 442,747,322 Ford $3,305 15.6% 2.2% $ 601,580,035 GM $3,204 -5.1% 1.4% $ 676,022,736 Honda $2,043 45.9% 4.4% $ 222,708,357 Hyundai/Kia $1,978 35.5% 2.0% $ 187,870,737 Nissan $2,613 2.8% 3.5% $ 297,249,669 Toyota $1,915 22.7% 3.2% $ 317,897,527 Volkswagen Group $2,581 28.0% 4.6% $ Industry $2,633 5.1% 3.3% $ 3,148,314,510 117,587,446 TrueCar bases its forecast on actual transaction data. The transaction data based forecast is refined by other current and historical factors that impact vehicle sales, including inventory, incentives, fuel prices, and macro economic data (major stock market indexes, consumer confidence, new home starts and CPI). TrueCar does not adjust for selling days in year-over-year percentage change calculations. *Used car sales figures include sales from franchise dealerships, independent dealerships and private party sales About TrueCar TrueCar is the negotiation-free car buying platform. TrueCar empowers car buyers by giving them transparent insight into what others actually paid, upfront pricing information, and a network of trusted TrueCar Certified Dealers who provide guaranteed savings certificates and seamlessly complete the car purchase. The reality is buying a car is painful and buyers fear they are going to overpay. TrueCar’s transparent upfront pricing information and guaranteed savings certificate make the car buying process simple so buyers never overpay. TrueCar's mission is to prove that truth and transparency is a more profitable way of doing business -- starting with automotive. Its national network of more than 7,000 TrueCar Certified Dealers is committed to providing negotiation-free savings for some of the country's largest membership and service organizations, including AARP, American Express, AAA, USAA and Consumer Reports. Note: Not all program features are available in all states. Go to www.truecar.com for program details. TrueCar is a privately held company headquartered in Santa Monica, Calif., with offices in Santa Barbara, Calif., San Francisco, Calif., and Austin, Texas. ###
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