Sales of new cars and trucks in the U.S. are forecast to dip by about 7 percent in October to 1,356,250 units, Edmunds.com said Wednesday.
DETROIT - Sales of new cars and trucks in the U.S. are forecast to dip by about 7 percent in October to 1,356,250 units, Edmunds.com said Wednesday.
Through the first 10 months of the year, Edmunds.com projects 14,464,835 vehicles will be sold, a slight decline from the 14,500,744 cars and trucks sold during the first 10 months of 2015, which was a record-breaking year for sales.
For October, Edmunds.com put the seasonally adjusted annual rate of sales, or SAAR, at 17.8 million.
"On the surface, it might look like a slow month for sales, but in fact the industry's performance was much stronger than the raw numbers suggest," Edmunds.com senior analyst Jessica Caldwell said in a release. "Even with month-to-month and year-to-year sales decreases, a 17.8 million SAAR in October would tie for the highest monthly sales rate of 2016. And considering that there are no popular weekend sales events in October, automakers and dealers can feel encouraged by this month's performance as they head into what they hope will be a busy holiday season."
The Detroit three automakers are set to release their October sales results on Tuesday, Nov. 1.