Auto sales were down last year due to high inflation, rising interest rates, and supply chain disruptions. Sales of new vehicles last year dropped to their lowest level since 2011. Over 13.75 million light vehicles were sold last year, representing a year-over-year decline of 8% to 9%.
However, auto industry executives remain optimistic that auto sales will rebound this year. Cox Automotive forecasts new-vehicle sales for 2023 to increase 3% year-over-year to 14.20 million units.
