Sitges, Spain - 26th February, 2019: Lexus UX (Toyota Group) SUV vehicles in hybrid version parked on the public parking before the drives. The UX model is the smallest crossover in the Lexus offer. Focus is on the first car on the left.

Number of vehicle sales down says Q1 report, but overall expenditures up

J.D. Power’s first quarter 2020 Auto Financing Report has good and bad news regarding auto sales, a key target market for credit unions. While new-vehicle retail sales for the 2019 calendar year are projected to reach only $13,717,600 – a 1.7% decrease compared to 2018 – annual retail sales reached a record number of units sold.

Average transaction prices in December are on pace to set a record of $34,602, up $673 from last year. Growth is being driven by prices of truck/SUVs, which are expected to reach $36,935, an increase of $655 from last year. Prices for cars are up to $27,461, a modest increase of $79.

Overall, the news is positive because looking at the entire year, annual retail sales will reach more than 13.7 million units in 2019. This represents the 10th-best retail sales year in history and a modest 232,000-unit decline from last year.

The  number of units sold was down, but overall, the money spent on transport was up $8.4 billion from last year and marks the first time that expenditures will exceed $460 billion. Learn more here.

LEVERAGE offers auto loan opportunities through partner Credit Union Loan Source (CULS) and tracking through PAR. Click here for details.

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The League of Southeastern Credit Unions & Affiliates represents nearly 300 credit unions throughout Alabama, Florida, and Georgia. It has a combined total of almost $200 billion in assets and 12.4 million members. LSCU provides advocacy, compliance services, education and training, cooperative initiatives, and communications.

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