2020’s end: Record vehicle prices, decreased sales | Auto Finance News 2020’s end: Record vehicle prices, decreased sales | Auto Finance News
Auto Finance News
Subscribe
  • Home
  • News
    • All News
    • Exec of the Year
    • Innovation & Technology
    • Management
    • Compliance & Regs
    • Risk Management
    • Capital & Funding
    • Powersports
  • Events
    • DEMOvation Challenge
    • Auto Finance Summit
    • Auto Finance Innovation Summit
  • EXCELLENCE
    • Best Practices
    • Topics
      • Compliance
      • Customer Experience
      • Technology
    • White Papers
    • Glossary
  • Magazine
    • Latest
    • Magazine Issues
  • Data
    • Lender Ranking
    • Fixed Rate Outstandings at Banks
    • Securitizations
    • Market Share Monitor
AFN PLUS
Monday, January 25, 2021
Log In
No Result
View All Result
Auto Finance News
  • Home
  • News
    • All News
    • Exec of the Year
    • Innovation & Technology
    • Management
    • Compliance & Regs
    • Risk Management
    • Capital & Funding
    • Powersports
  • Events
    • DEMOvation Challenge
    • Auto Finance Summit
    • Auto Finance Innovation Summit
  • EXCELLENCE
    • Best Practices
    • Topics
      • Compliance
      • Customer Experience
      • Technology
    • White Papers
    • Glossary
  • Magazine
    • Latest
    • Magazine Issues
  • Data
    • Lender Ranking
    • Fixed Rate Outstandings at Banks
    • Securitizations
    • Market Share Monitor
AFN PLUS
Log In
No Result
View All Result
Auto Finance News
No Result
View All Result

2020’s end: Record vehicle prices, decreased sales

Amanda Harris by Amanda Harris
January 4, 2021
in Risk Management
Reading Time: 1min read

While 2020 ended with an anticipated decline in vehicle sales amid the global pandemic, the auto finance industry proved resilient with record-high transaction prices and better-than-expected volumes.

The seasonally adjusted annualized rate (SAAR) for total light vehicle sales is estimated at 14.6 million units, a decrease of 4.4% year over year, according to a TrueCar forecast.

Still, production and inventory continued to improve in the remaining weeks of 2020, reflecting the auto industry’s “comeback” since the start of the COVID-19 pandemic, said Nick Woolard, director of OEM analytics at TrueCar.

“In the final days of 2020, we can finally look in the rearview mirror and appreciate the tremendous recovery that the automotive industry has made since the pandemic derailed auto sales in March,” Woolard noted.

December 2020 new-vehicle sales also logged a 6.5% seasonally adjusted decrease from the same period in 2019, with total new-vehicle sales projected to reach 1.6 million units.

Photo/TrueCar

The average transaction price is projected to set an industry record, increasing 5.3% YoY, or by $1,950, to $38,979, according to TrueCar. Prices are also expected to increase 2.6% from November 2020, in part due to customers gravitating to luxury brands, said Alain Nana-Sinkam, Truecar’s vice president of strategic initiatives.

BMW, for one, is expected to see a 9.4% YoY increase in sales to 41,727 units.

Meanwhile, used-vehicle sales are projected to increase 6% YoY to 3.1 million units for December 2020.

Tags: new vehicle salesPremiumSAARTrueCar
Previous Post

Compliance amid a pandemic: Top 5 stories in 2020

Next Post

HyreCar tees up TrueCar partnership

Related Posts

Used-vehicle prices increase, inventory outpaces norm
Risk Management

Used-vehicle prices increase, inventory outpaces norm

January 22, 2021
US jobless claims fall slightly, though remain near 1M
Risk Management

US jobless claims fall slightly, though remain near 1M

January 21, 2021
TrueCar forecasts 16M SAAR in 2021 
Risk Management

TrueCar forecasts 16M SAAR in 2021 

January 21, 2021
Next Post
Carmakers dodge disaster with biggest-ever share of 0% loans

HyreCar tees up TrueCar partnership

Latest Magazine Issue

INNOVATION & TECHNOLOGY

Upstart partners with Oriental Bank, enlarges lending footprint

Upstart partners with Oriental Bank, enlarges lending footprint

January 20, 2021
GM jumps as Microsoft joins $2B self-driving venture

GM jumps as Microsoft joins $2B self-driving venture

January 19, 2021

Sign Up Email List

CORONAVIRUS

Used-vehicle prices increase, inventory outpaces norm

Used-vehicle prices increase, inventory outpaces norm

January 22, 2021
Dueling dynamics will shape consumer credit in 2021

Dueling dynamics will shape consumer credit in 2021

January 20, 2021

SPONSORED

Collateral Protection Insurance (CPI): What is CPI and what does it do?

Collateral Protection Insurance (CPI): What is CPI and what does it do?

January 8, 2021
US auto sales poised for crash after slowest pace in a decade

Driving Customer Loyalty, Retention After Total Loss

December 9, 2020
When tough times hit, proactive strategies pay

When tough times hit, proactive strategies pay

November 2, 2020

About

ABOUT US

PRIVACY TERMS

ADA COMPLIANCE

CODE OF JOURNALISM ETHICS

Contact Us

ADVERTISE

HELP CENTER

EMAIL SIGN UP 

Follow Us

twitter twitter linkedin podcast

©2021 Royal Media & Auto Finance News

No Result
View All Result
  • Home
  • News
    • All News
    • Exec of the Year
    • Innovation & Technology
    • Management
    • Compliance & Regs
    • Risk Management
    • Capital & Funding
    • Powersports
  • Events
    • DEMOvation Challenge
    • Auto Finance Summit
    • Auto Finance Innovation Summit
  • Excellence
    • Best Practices
    • Topics
      • Compliance
      • Customer Experience
      • Technology
    • White Papers
    • Glossary
  • Magazine
    • Latest
    • Magazine Issues
  • Data
    • Lender Ranking
    • Fixed Rate Outstandings
    • Securitizations
    • Market Share Monitor
  • +PLUS
  • SUBSCRIBE
  • Log In / Account

© 2020 Royal Media

Go to mobile version