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US car market surged in March | Automotive Trade Information
The US gentle car market stunned on the upside in March, coming in a lot stronger than analysts anticipated.
LMC Automotive mentioned the March gentle car market got here in at an annual promoting price of 18m models, the best ever for the month.
The sturdy end result was despite manufacturing interruptions attributable to elements shortages (semicinductors).
LMC mentioned market quantity reached 1.61m gentle automobiles, making it the third finest March in historical past – with increased volumes solely recorded in 2000 and 2018 respectively. Coming from a pandemic-induced low in 2020, March 2021 quantity represents a 63% enhance from final March, however with one further promoting day.
The sturdy end result interprets into an annualized price of 18.0m models, the most effective SAAR for a month of March. The SAAR was up by 6.7m from a yr in the past and by 2.2m from February. The quarter ended with 3.89m models offered, up by 12% from Q1 2020.
The numbers had been largely pushed by retail demand – gross sales totalled 1.38m models, simply 984 models fewer than in December, historically a a lot stronger month.
Fleet accounted for 14% of whole gross sales, down from 18% in January and 17% in February.
Transaction costs had been the best ever for a month of March and incentives as a share of MSRP had been under 10% for the eighth consecutive month. Climate-related buy delays in February, authorities stimulus checks and optimism of a return to regular doubtless drove the surge, LMC mentioned.