Auto Sales Slowing Down - Stay Tuned

Auto Dealers See Slowing Sales, Sparking Fears That a Long-Expected Decline is Here

Washington DC October 23, 2018; The AIADA reported that a growing number of auto dealers around the country are seeing a noticeable drop in retail sales and customer traffic in showrooms, raising the possibility that a long-anticipated slowdown in auto sales has arrived, reports CNBC. "We are definitely seeing business pull back," said Scott Adams, the owner of a Toyota dealership in Lee's Summit, Missouri, just outside Kansas City. "September was off some, but this month our car sales are down 12 percent and our truck sales are down 23 percent."

Other dealers tell CNBC they saw a significant drop in sales last weekend. One dealer in metro Tampa Bay, Florida, who asked not to be identified, said sales this month are down 13 percent. The pace of auto sales for October is expected to be close to 17 million vehicles, according to the auto website Edmunds. For more than a year, analysts have said auto sales are primed to slow down for a variety of reasons, including a surge in 3-year-old models entering the used car market. Read more here.