This is how auto sales ended up during February over the NAFTA region
Sales of light vehicles in the U.S. market fell during February as carmakers lowered incentives and as interest rates increased. Overall sales fell 2.4% to 1,302,128 vehicles, while the Seasonally Adjusted Annual Rate was 17.08 million, down 2.3% versus February 2017, but ahead of analysts’ expectations of 16.9 million, according to Autodata.
The decreasing auto sales come as Kelley Blue Book reported that the average sale price for a new car rose to US$ 35,444 in February, up 2% from February 2017. Additionally, Edmunds reported that the annual percentage rate on new financed vehicles averaged 5.2% in February, up from 4.9% in 2017.
In the Mexican market, auto sales totaled 109,484 units in February, 7.2% less compared to same month of 2017 and the equivalent of 8,492 less vehicles, reported the Mexican Association of Auto Dealers (AMDA). It was the ninth straight month of sales decline since June 2017.
Year-to-date sales through February totaled 218,629 vehicles, which represents a 9.4% decline compared to same two-month period of 2017.
Sales of light vehicles in Canada continue to defy expectations this year as February saw a new record for the month with a total of 125,530 units sold, 2.1% up from the previous record of 123,033 in the same month last year, DesRosiers Automotive Consultants reported.
The consulting firm said that, combined with a record result in January, sales in the first two months 2018 were up 3.8% compared with the same period in 2017.
The overall increase came as the split between passenger cars and light trucks and SUVs continued to grow with the latter accounting for more than 70% of the sales, according to a report published by Global Automakers of Canada.
Car sales dropped 6% compared with a year ago, while sales of pickups and SUVs rose 5.6% compared with February 2017.
“Truck sales continue to comprise the vast majority of vehicles sold, and companies without a robust truck and SUV portfolio are challenged with their existing product mix,” David Adams, president of the industry body, said in a statement.
Fiat Chrysler Automobiles said total sales fell 1% to 18,831 vehicles in the month, but was the top automaker in terms of volumes, with its Ram brand being the biggest seller. Ford followed with 18,505 vehicles and a fall of 2.5%.
General Motors Co’s total vehicle sales rose 8.8% to 17,981 units, with Chevrolet accounting for nearly 61% of total sales.