Monthly Industry Update for July 2023

This report presents the monthly update for the automotive industry as of July 2023. It details various metrics related to vehicle sales and inventory levels. The report indicates that the Seasonally Adjusted Annual Rate (SAAR) for new vehicles reached 15.9 million in July, showing a slight increase from June. It further elaborates that rental vehicle sales increased by 78% compared to the previous year, contributing to an overall fleet sales growth of 15%. Year-to-date brand sales for July 2023 have improved, with a notable increase of over 800,000 units compared to 2022. Additionally, the report highlights that new vehicle inventory is up by 72% year-over-year. The average list price of vehicles has seen a marginal increase of 1.3% year-over-year, and electric vehicle sales continue to grow, now capturing 6.9% of light vehicle sales. Used vehicle inventory is down by 8% from last year, indicating market trends in both new and used segments.