CDK Global’s monthly purchase scorecard highlights buying trends in light of rising interest rates, inflation.
Improved inventory shores up market amid economic uncertainties.
Still off historical norms, improvement leads to more sales.
20-month milestone reflects more availability of lower-priced models.
Conditions still a long way from prepandemic, and greater economic forces could dampen demand.
Annual census shows the number of stores increased 0.4% last year.
Cox Automotive forecasts sales will increase nearly 4% from 2022 and from January 2023.
The Detroit automaker sold 1.86 million vehicles in 2022, down from 1.91 million in 2021.
Sales of new automobiles plunged to under 14 million vehicles in 2022, the lowest since 2011, reports Kelley Blue Book.
Industry analysts predict U.S. auto retail sales will dip in January as manufacturing slows.
