The above-mentioned report stated that in December, total U.S. new car sales, including retail and non-retail transactions, are estimated to reach approximately 1,396,700 units, a year-on-year increase of 13.2%.In terms of full-year sales, U.S. car sales will see strong growth this year, with total sales just under 15.5 million units, up 12.8% from last year.

In addition, the current level of vehicle inventory in the United States is also at its highest level since early spring of 2021, leaving dealers and automakers eager to make way for new models that will flood the market in January next year. The report noted that car dealers are offering generous offers and discounts during the winter sales season in an effort to clear inventory and take advantage of continued demand.

The report estimates that incentive spending per vehicle in the U.S. will reach $2,458 in December, up from $1,289 a year ago. The average new-vehicle transaction price in the U.S. is expected to be $46,055 in December, down from $47,362 in the same month in 2022.

Thomas King, president of J.D. Power’s data and analytics division, said, “December’s sales increase was due to increased vehicle supply and lower prices.” However, the increased supply of new vehicles and rising interest rates will result in lower per-unit profits for dealers, though they will continue to exceed pre-epidemic levels.

With regard to the upcoming year 2024, the report expects global car demand to grow by 3 % to 92.3 million units.