Strong new-vehicle sales figures are causing industry analysts to revise their forecasts for North American production levels in 2013, with J.D. Power & Associates and LMC Automotive predicting 16 million units will be produced — a mark not hit since 2002.
More than 1,157,000 new vehicles are projected to be sold in May, the third month in a row to top the 1 million level. The growth is being helped by strong demand for full-sized pickups, which represent more than 11 percent of retail sales, according to a news release from J.D. Power.
The strong sales figures are coming at a time when the average transaction price for new vehicles set a record high in May, at $28,921, the auto industry analysts said. The higher prices are being supported by low interest rates, strong trade-in values and other factors that help keep cut monthly payments.