New vehicle sales in the United States saw a nearly 5% increase from January through March, with automakers collectively selling close to 3.8 million vehicles during this period. This surge in sales brought the annual rate to 15.4 million, showcasing a resilient market despite the challenges posed by high interest rates.
As a result of growing inventory levels, auto companies were compelled to reduce prices, with the average sales price dropping by 3.6% to $44,186 in March compared to the previous year. Automaker discounts also rose significantly, averaging around $2,800, with a notable increase in lease deals which accounted for almost a quarter of retail sales last month.
