April auto sales hit 40-year low; expected to bottom out there
April auto sales could be at the lowest monthly level in more than 40 years.
Covid-19 has cut new car demand in half, the Louisville Business First news reported Tuesday.
According to industry researcher Cox Automotive, projected April sales of 620,000 units would be the lowest figure in that measure’s modern history, dating back to 1975.
The previous low was January 2009, when 655,000 vehicles were sold. The April projection is down 53% versus April 2019 and down 37% from March.
The positive news is that April is expected to be the bottom of the trough, the Louisville Business First says.
“Recent sales data suggests demand is starting to recover modestly after the initial shock in March and early April,” Senior Economist Charlie Chesbrough said in the release. “Year-over-year daily declines, while still high, are consistently showing improvement over recent weeks. Some people want to buy a vehicle or need to buy a vehicle, even in a pandemic.”
Read more at Louisville Business First