Analysts at Cox Automotive are expecting a much brighter year for U.S. auto sales in 2023 with an improvement in fleet sales leading to expected sales of 15 million, up from the previous prediction of 14.1 million.
The new forecast is an improvement from 2022's dismal sales total of 14 million, which was even below pandemic year 2020, when automakers sold 14.6 million. Sales last year were plagued by lower inventory levels as a result of supply chain issues.
Cox analysts expect U.S. new-vehicle sales volume will reach 7.65 million in the first half of 2023, an 11.6% increase from last year. Sales this month should come in at 1.3 million, up from 1.1 million in 2022.
