Ford Motor Co.'s new-vehicles sales were down 10% year-over-year in October, according to results released Wednesday, even as overall industry sales rebounded from year-ago levels.
Cox Automotive noted Wednesday that the industry-wide results were "hardly a surprise," given that October 2021 was a "historically bad" time in the auto market because of low inventory levels. The industry information provider said early indications were that October sales results exceeded its expectations, even after it forecasted month-over-month and year-over-year sales growth on better inventory flows.
"Overall, it now appears the new-vehicle sales pace in October was the strongest since January," Cox said in a statement. "That's good news for the auto industry. We've been expecting some softening in overall demand, but not a full collapse. Looking at the initial October results, that's exactly what we see."
