Toyota predicted March would be another dismal month for new car sales, with preliminary reports supporting the automaker’s outlook. Through the first two weeks of March, U.S. auto sales were down 40 percent compared to the same period last year.
According to J.D. Power and Associates, retail sales are expected to fall to just 633,000 units in March, well off the pace from the 1.07 million vehicles sold in March 2008. Total sales are expected to check in at 798,000 units.
If sales were to remain flat, that would net an annual sales rate of about 9.2 million vehicles, which could push many automakers to the brink. Even with the collapse in sales during the second half of last year, automakers sold 13.2 million vehicles in the U.S. in 2008.
However, J.D. Power and Associates is confident that sales should see an uptick within the next few months. It remains to be seen just how much sales might improve, but the industry will take anything at this point.
