U.S. Auto Sales Up 5.1% In Q1 2024, 5.5% In March. | Story | insideradio.com – Insideradio.com

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The U.S. auto market has so far enjoyed a robust 2024, growing 5.1% in the first quarter, GlobalData said in a preliminary report released Wednesday (April 3).

Improvements in inventory and fleet volume, along with greater incentives, have spurred demand, the report said. March saw 5.5% growth, marking the 20th straight month of year-over-year gains.

Based on a range of estimates from J.D. Power-GlobalData, Cox Automotive, S&P Global Mobility and Edmunds, sales were previously seen rising 4.7% to 12% last month and 4.5% to 5.6% in Q1, Automotive News reports.

According to GlobalData’s estimate, March retail sales were 1.15 million units. Fleet deliveries were 292,000 — or 20.3% of the overall market.

The SAAR (seasonally adjusted annual rate of sales) for last month was 15.5 million. Estimates ranged from 15.5 million to 16.4 million. The February sales pace was 16.01 million and 15.02 million in March 2023.

General Motors’ U.S. sales slipped in the first quarter, with only Buick posting a gain, surging 16%. Meanwhile, Toyota Motor and Honda posted big increases last month and in Q1, thanks to improved inventory and demand for hybrids. Toyota reported a 20% jump in Q1 sales, and American Honda said it had its best Q1 in three years.

That’s good news for the Honda Dealer Association and the Toyota Dealer Association, both of which were among the top 100 hundred radio advertisers for the week of March 25-31, according to data from Media Monitors. The latest ranking has the Honda Dealership Association at No. 81 overall with 7,764 spots aired, and the Toyota Dealership Association at No. 96 with 6,302.

Ford’s Q1 sales increased 7%. But Stellantis saw a 9.7% decline, and at GM two of the automaker’s top brands — Chevrolet and GMC — saw respective declines of 2.2% and 4.8%. Cadillac fell 2.4%.

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