In March, the automotive industry saw a decline in vehicle sales, with figures dropping to a 15.5 million SAAR (Seasonally Adjusted Annual Rate), marking a 4% year-over-year increase despite the decrease. This downturn is attributed to high vehicle prices and elevated borrowing rates. Specifically, total vehicle sales decreased to 15.49 million, falling short of the estimated 15.85 million and the previous month's 15.81 million, according to WardsAuto data. Additionally, there was a noted decline in heavy truck sales during the same period.
Heavy Truck Sales Decreased in March https://t.co/nPh03h75t1 https://t.co/UTLTFuhGem
US light vehicle sales dropped to 15.5mn rate in March https://t.co/AonRCBkMHU
Total vehicle sales slipped in March to 15.49 million vs. 15.85 million est. & 15.81 million in prior month per ā¦@WardsAutoā© data https://t.co/DpsYRRqvhp
Auto sales dip in March due to high prices and high borrowing rates https://t.co/XTslajmn6m
Vehicles Sales Decrease to 15.5 million SAAR in March; Up 4% YoY https://t.co/y6S54sa7bK https://t.co/ZQd7c81Dah