TrueCar.com recently put outs its February 2013 sales and incentives forecast and it looks like the automotive industry will see yet another strong month in terms of sales.
According to the report the report, new light vehicle sales are expected to reach 1.2 million units in February, up 5.7 percent on a year-over-year comparison and up 16.5 percent on a month over month comparison. The sales translate to a seasonally adjusted annualized rate of 15.7 million new cars, up from 14.5 million a year ago and up from 15.3 million last month.
Auto experts said that the full size pick up truck segment saw surprising gains, helping contribute to the expected strong sales month.
"The unusual strength of the full size truck segment in February helped industry sales to nearly reach the 15.7 million SAAR mark, despite gas prices increasing," said Jesse Toprak , senior analyst for TrueCar.com. "Pent up demand for pick up trucks by small businesses will be a critical factor in this year's continued sales recovery."
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As for incentives in the February, pent-up consumer demand has allowed automakers to ease off discounts.
"Automakers enjoyed a month of ideal conditions for profitability in February with incentives down nearly four percent and sales up double digits compared to year ago levels," said Kristen Anderson , analyst for TrueCar.com. "We expect incentives spending to track within a narrow range the rest of the year as the supply of vehicles and consumer demand are forecasted to increase at similar levels."
J.D. Power and Associates' Power Information network and LMC Automotive issued a similar report expecting auto sales to reach 931,100 vehicles in February.
John Humphrey said that all signs are pointing to a healthy auto industry in February. He added that average transaction prices are up, incentives are level, leasing is at a strong level and newly redesigned models continue to make an impact.
Toyota Tundra unveiled earlier this month
As Americans are heading to car dealers in high numbers for pick-up trucks, the new 2014 Toyota Tundra will be sure to win consumers over in the coming months. The truck was unveiled at the 2013 Chicago Auto Show and features a new chiseled exterior design and all-new interior, featuring improved driver ergonomics and easy-to-use technology.