The long-predicted slowdown in U.S. new vehicle sales appears to have begun, based on February numbers
In this Sunday, April 15, 2018, photo, unsold 2018 Pacifica minivans sit on a Chrysler dealer's lot in the south Denver suburb of Englewood, Colo. U.S. consumers bounced back in March and bought more cars, furniture and appliances after three months of declining retail sales. Automakers and dealers may be wishing this was a leap year because an extra selling day in February may have come in handy. Almost every company reported U.S.
“The sales pace has finally shifted into a lower gear than the mid-17 million rate we finished 2018 with,” said Charlie Chesbrough, Senior Economist atAnalysts have cited rising vehicle prices and interest rates, costs related to import tariffs and cold weather as among reasons for slowing new vehicle sales.
Relatively strong sales of pickup trucks and SUVs weren’t enough to prop up the overall numbers for some companies. A case-in-point is . Its Ram truck brand reported a record February with sales increasing 24% over February, 2018. But declines in every other brand pulled FCA’s overall sales down 2%. "The overall industry is starting off slower due in part to weather, the U.S. government shutdown, and concern over tax refunds,” said FCA U.S. Head of Sales Reid Bigland in a written statement. “We still see a strong, stable economy and anticipate any lost winter sales will be made up in the spring.
Especially troubling for FCA is the dwindling demand for its Fiat brand which saw a 50% drop in sales last month, selling just 616 units and is down 45% for the first two months of the year. Since re-entering the U.S. market in 2011, the brand never caught on and may be poised to exit once again.
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