In terms of dollar volume retail sales, the automotive industry varied greatly at the end of the third quarter. Gasoline stations saw record retail sales on the back of the sharp increase in gasoline prices earlier in the year – a performance that is likely to drop in Q4 based on declines in gas prices in recent weeks. Following at a distance, automotive parts, accessories, and tire stores saw retail sales climb 10.8% above the already elevated levels seen in the same time last year as the aftermarket maintained its strong performance. New vehicle dealers saw retail sales climb a further 2.3% in the first three quarters of 2022, despite falling new vehicle sales, as vehicle price increases and strong performance at service departments help boost overall dealer performance.
Used vehicle dealers noticed a setback in terms of retail sales, with a decline of 6.5% at the end of the third quarter. Used vehicle prices have begun trending downwards in recent months after the 25+% gains seen in the past 2 years. As such, used vehicle dealers remained in good shape, with retail sales staying well above pre-pandemic levels. “When it comes to retail sales, different sections of the auto industry are seeing vastly different performance relative to the previous year” commented Andrew King, Managing Partner at DAC. He continued “However, from a broader perspective they remain largely ahead of pre-pandemic levels despite the uneven nature of the market this year.”
DAC produces forecasts of new vehicle sales, used vehicle sales, and aftermarket sales for more than 25 different product areas – both nationally and at a regional level across the country.
More information on these numbers can be found in the DesRosiers Automotive Reports published by DesRosiers Automotive Consultants Inc.
Copyright © 2022 DesRosiers Automotive Consultants Inc., All rights reserved.