New-vehicle sales are expected to clock in at 1,373,516 units for February, up 0.2% year over year, according to TrueCar ALG’s forecast released today. The February SAAR is estimated to come in at 17.1 million.
While the strength of the economy has kept consumer confidence stable, there is still a shadow of uncertainty hovering over the industry.
“The fact that we’re in an election year, the coronavirus is starting to have a global impact, and that we’re beyond the normal cycle for a recession all combine to create a sense of uncertainty,” said Eric Lyman, chief industry analyst at ALG.
As for OEMs, Kia and Hyundai brands are projected to see the highest increase in sales this month compared with the top 13 largest OEMs by volume. Kia is up 14.3% to 53,752 units and Hyundai is up 11.6% YoY to 56,982 units for total sales.
Nissan is expected to see the largest decline in sales volume this month, according to ALG. The OEM is looking at a 14.4% decline YoY to 105,993 total unit sales.
Meanwhile, used vehicle sales for the month are likely to remain resilient, with a 6% increase year over year to reach 3,699,048 units.
In a separate announcement, TrueCar revealed that it has entered into a short-term agreement to extend its partnership with USAA Federal Savings Bank to continue to power the USAA Car Buying Service through Sept. 30. In addition, USAA will pay a $20 million transition services fee to TrueCar. The agreement went into effect Feb.14.
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