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U.S. market is still weighted toward luxury models, though, and consumers are pinched because their incomes haven’t kept pace with the increases.
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Supply hits 20-month high in November as SAAR falls from October, NADA says.
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Total sales are projected to reach nearly three million units, up 2.8% year-over-year, according to Cox Automotive.
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Modest increase still less than normally seen during spring selling season.
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NADA Market Beat report reveals double-digit spike in new light-duty sales in May.
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Larger inventories and greater fleet sales boosted light-duty sales.
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4% lower than year-over-year, finds Cox Automotive Market Insights.
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Cox Automotive forecasts sales will increase nearly 4% from 2022 and from January 2023.
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November’s SAAR of 14.1 million units rose 7.9% compared to November 2021 but was down 6.5% compared to October 2022.
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LMC Automotive and J.D. Power predict U.S. auto retail sales will rise in October as supply chains improve and make more vehicles available to dealerships.
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