Vehicle sales to grow slightly vs. last year
February new vehicle retail sales are expected to increase "marginally" vs. February 2009 sales, according to J.D. Power and Associates.
New vehicle retail sales are expected to come in at 561,500 units this month compared to 556,689 units in February 2008.
"While February sales have improved from a year ago, the pace of recovery has hit a speed bump," says Jeff Schuster, executive director of global forecasting at J.D. Power. "This hiccup appears to be the result of customers waiting out the Toyota recalls and winter storms impacting showroom traffic."
However, Schuster says the impact of these factors "are likely temporary and recovery is expected to get back on track."
At the start of February, vehicle inventory was at a 71-day supply vs. 121 days the same month last year.