Affordable Credit Keeps Auto Sales at a Steady Clip in May


money

SANTA MONICA, CA--May 29, 2014: Edmunds.com forecasts that 1,547,771 new cars and trucks will be sold in the U.S. in May, for an estimated Seasonally Adjusted Annual Rate (SAAR) of 16.2 million. The projected sales will be an 11.5 percent increase from April 2014 and a 7.3 percent increase from May 2013.

"Credit conditions are making it easier to buy or lease a new car," says Edmunds.com Senior Analyst Jessica Caldwell. "Shoppers are opting for longer terms at lower interest rates. In other words, they're able to afford more expensive cars by keeping their monthly payments at or near what they're used to paying."

SALES VOLUME FORECAST, BY MANUFACTURER

SALES VOLUME FORECAST, BY MANUFACTURER







Sales Volume

May-14 Forecast

May-13

Apr-14

Change from May 2013*

Change from Apr 2014*

GM

269,931

252,894

254,076

6.7%

6.2%

Ford

248,342

246,019

210,355

0.9%

18.1%

Toyota

229,699

207,952

199,660

10.5%

15.0%

Chrysler Group

190,587

166,596

178,652

14.4%

6.7%

Honda

145,001

140,013

132,456

3.6%

9.5%

Nissan

129,552

114,457

103,934

13.2%

24.6%

Hyundai/Kia

127,134

120,685

119,783

5.3%

6.1%

VW/Audi

49,976

51,241

46,484

-2.5%

7.5%

Industry

1,547,771

1,442,551

1,387,677

7.3%

11.5%

*NOTE: May 2014 had 27 selling days, May 2013 had 26 and April 2014 had 26.

 

Edmunds.com's finance data shows that the average new loan term during the first four months of 2014 was an all-time high of 66 months. And the average interest rate for new loans (4.4%) in 2014 is only slightly higher than the all-time historic lows that have been well publicized within the last two years. Edmunds.com also points to loans secured with lower credit scores and all-time high lease penetration (27.9% YTD, through April) as sure signs that credit continues to loosen.

Edmunds.com estimates that retail SAAR will come in at 13.2 million vehicles in May, with fleet transactions accounting for 18.3 percent of total sales. An estimated 3.05 million used cars will be sold in May, for a SAAR of 36.4 million (compared to 3.10 million – or a SAAR of 35.9 million – used car sales in April).

MARKET SHARE FORECAST, BY MANUFACTURER







Market Share

May-14 Forecast

May-13

Apr-14

Change from
May 2013
(Percentage pts.)

Change from April 2014
(Percentage pts.)

GM

17.4%

17.5%

18.3%

-0.1%

-0.9%

Ford

16.0%

17.1%

15.2%

-1.0%

0.9%

Toyota

14.8%

14.4%

14.4%

0.4%

0.5%

Chrysler Group

12.3%

11.5%

12.9%

0.8%

-0.6%

Honda

9.4%

9.7%

9.5%

-0.3%

-0.2%

Nissan

8.4%

7.9%

7.5%

0.4%

0.9%

Hyundai/Kia

8.2%

8.4%

8.6%

-0.2%

-0.4%

VW/Audi

3.2%

3.6%

3.3%

-0.3%

-0.1%

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