Cox Automotive Forecasts Strong U.S. Auto Market in 2024
Cox Automotive, a subsidiary of Cox Enterprises, has released encouraging news about the U.S. automotive market. New vehicle supplies have surged, and sales projections for 2024 are looking positive.
According to vAuto Live Market View data cited by Cox Automotive, new vehicle supplies in the U.S. have increased by a substantial 50% year over year. This boost in inventory is set to drive news upwards.
Looking ahead, Cox Automotive projects a seasonally adjusted annual rate for new vehicle sales in 2024 of nearly 15.5 million units. This is a significant jump of 0.6 million units from 2023. The first quarter of 2024 is expected to see new vehicle sales reach 3.8 million units, marking a 5.6% increase from the previous year. Breaking it down further, March 2024 is predicted to see new vehicle sales reach 1.45 million units, a 4.5% increase year over year.
Cox Automotive's projections indicate a robust U.S. automotive market in 2024, with increased supplies and news expected across the board. This positive outlook is set to benefit both consumers and industry players alike.
