Today, we’ll be taking a quick look at the May 2016 sales report and what’s projected ahead.
For the second time in 3 months, retail sales growth turned negative, down 126,000 units from last year. Unfortunately, even the added Memorial Day weekend sales could not overcome the slow start to the month.
This performance was mainly due to the fact that:
- Car sales continue to steadily decline. In fact, Midsize car retail share fell to 11.8%, becoming the worst performing segment in the industry on a Y/Y share change basis.
- On the bright side, trucks and SUVs continue to drive sales, as well as average transaction prices up. Compact SUV hit an all-time retail share high at 15.7%.
Looking ahead, you should know that June requires additional urgency to close sales. Consumers may try to wait to purchase until July 4th weekend when they have an extra day or two off work to buy a car.
To discover new ways to attract new customers within your local market, please visit mypowerdealer.com. I’m Kris Rosychuk. Thanks for watching, stay tuned for the next edition of “Power Minute”!