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New Vehicle Sales Continue to Sizzle in July; TrueCar Increases 2014 Annual Sales Forecast to 16.35M - Valley News Live - KVLY/KXJB - Fargo/Grand Forks

New Vehicle Sales Continue to Sizzle in July; TrueCar Increases 2014 Annual Sales Forecast to 16.35M

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SOURCE TrueCar, Inc.

Estimated incentive spending at $2,731 per vehicle

SANTA MONICA, Calif., July 25, 2014 /PRNewswire/ -- TrueCar, Inc. the negotiation-free car buying and selling platform, today released its July 2014 sales and incentives forecast, which shows the following:

  • New light vehicle sales in the U.S. (including fleet) are expected to reach 1,444,000 units, up 9.9 percent from July 2013 and up 1.8 percent from June 2014.
  • Highest July sales since 2006.
  • Seasonally Adjusted Annualized Rate ("SAAR") of 16.7 million new vehicle sales is up 6.8 percent from July 2013.
  • Share of retail (non-fleet) sales is expected to be down 1.1 percent compared to July 2013 and up 4.5 percent from June 2014.
  • Fleet and rental sales are expected to make up 12.8 percent of total industry sales in July 2014.
  • The industry average incentive spending per unit is expected to be approximately $2,731 in July 2014, an increase of 7.1 percent from July 2013 and a decrease of 0.6 percent from June 2014.
  • Used car sales, including sales from franchise dealerships, independent dealerships and private party sales, are estimated to be 3,308,844. The ratio of new to used is estimated to be 1:2.3 for July 2014.

"July sales are red hot and better than expected, with our forecast up about 10 percent over last year," said John Krafcik, president of TrueCar. "While some of the growth is powered by incentive spending up $200 per vehicle, we are seeing continued strong demand for trucks and utility vehicles." 

Forecasts for the top nine manufacturers for July 2014:



Unit Sales

Manufacturer

July

 2014 Forecast

% Change vs. July 2013

Chrysler

171,000

22.9%

Ford

211,000

9.3%

GM

268,000

14.5%

Honda

146,000

3.2%

Hyundai

71,000

7.6%

Kia

54,000

10.2%

Nissan

122,000

11.9%

Toyota

210,000

8.6%

Volkswagen Group

46,000

-12.7%

Industry

1,444,000

9.9%


Market Share

Manufacturer

July

 2014 Forecast

Jul-13

Jun-14

Chrysler

11.8%

10.6%

12.1%

Ford

14.6%

14.7%

15.6%

GM

18.6%

17.8%

18.8%

Honda

10.1%

10.8%

9.1%

Hyundai

4.9%

5.0%

4.8%

Kia

3.7%

3.7%

3.6%

Nissan

8.4%

8.3%

7.7%

Toyota

14.5%

14.7%

14.2%

Volkswagen Group

3.2%

4.0%

3.5%


Incentive Spending

Manufacturer

July 2014
Incentives

% Change vs.

July 2013

% Change vs.

June 2014

Total Spending

Chrysler

$3,458

13.3%

0.9%

$591,235,561

Ford

$3,398

13.9%

1.9%

$717,040,372

GM

$3,379

-5.9%

-0.6%

$905,468,436

Honda

$1,865

5.5%

2.3%

$272,294,567

Hyundai

$1,820

23.4%

-0.5%

$129,251,591

Kia

$2,258

24.4%

-3.2%

$121,953,423

Nissan

$2,165

-11.5%

4.6%

$264,120,674

Toyota

$2,122

19.2%

3.4%

$445,573,241

Volkswagen Group

$2,901

13.9%

-0.4%

$133,426,099

Industry

$2,731

7.1%

-0.6%

$3,940,986,913

TrueCar bases its forecast on actual transaction data. The transaction data-based forecast is refined by other current and historical factors that impact vehicle sales, including inventory, incentives, fuel prices and macro economic data (major stock market indexes, consumer confidence, new home starts and CPI).  TrueCar does not adjust for selling days in year-over-year percentage change calculations.

ABOUT TRUECAR

TrueCar, Inc. (NASDAQ: TRUE) is the negotiation-free car buying and selling platform. TrueCar enables a negotiation-free car buying experience by giving buyers transparent insight into what others actually paid (price confidence), upfront pricing information (price discovery), and access to a network of trusted TrueCar Certified Dealers who provide guaranteed savings certificates and seamlessly complete the car purchase. The reality is that buying a car is painful and buyers fear they are going to overpay or be surprised with hidden fees. TrueCar's transparent upfront pricing information makes the car buying process simple so there are no surprises and buyers never overpay. TrueCar's mission is to make car buying simple, fair and fun. Its national network of more than 8,000 TrueCar Certified Dealers, including both new car franchise dealers and non-franchise dealers, is committed to providing negotiation-free savings off MSRP and upfront pricing information for all car-buyers, including members of some of the country's largest membership and service organizations such as AARP, American Express, AAA, and USAA. Note: Not all program features are available in all states. Go to www.truecar.com for program details. TrueCar is headquartered in Santa Monica, Calif., with offices in Santa Barbara, Calif., San Francisco, Calif., and Austin, Texas.

TrueCar Logo.

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