WESTLAKE VILLAGE, Calif., June 30 /PRNewswire/ -- Weakness in new-vehicle retail sales experienced during the first half of June has progressed at an accelerated rate through the remainder of the month, pulling the retail selling rate below 8.5 million units, according to J.D. Power and Associates, which gathers real-time transaction data from more than 8,900 retail franchisees throughout the United States.
In the week leading up to the close of the month, June new-vehicle retail sales were down 5 percent compared with one year ago. As fleet sales are not expected to change significantly, the total seasonally adjusted annualized rate (SAAR) may come in well below the 10.9 million units previously expected.
"It appears that the volatility in the stock market and downbeat economic reports have caused a decrease in consumer confidence, leading to a self-fulfilling prophecy," said Jeff Schuster, executive director of global forecasting at J.D. Power and Associates. "Consumers are clearly hunkering down in light of the current environment, waiting for signs of a renewed recovery."
J.D. Power and Associates will be tracking new-vehicle sales as they are announced by auto manufacturers on July 1 and will have automotive analysts available for both print and broadcast interviews after 8:00 a.m. E.T./5:00 a.m. P.T.
About J.D. Power and Associates
Headquartered in Westlake Village, Calif., J.D. Power and Associates is a global marketing information services company operating in key business sectors including market research, forecasting, performance improvement, Web intelligence and customer satisfaction. The company's quality and satisfaction measurements are based on responses from millions of consumers annually. For more information on car reviews and ratings, car insurance, health insurance, cell phone ratings, and more, please visit JDPower.com. J.D. Power and Associates is a business unit of The McGraw-Hill Companies.
About The McGraw-Hill Companies
Founded in 1888, The McGraw-Hill Companies (NYSE: MHP) is a global information and education company providing knowledge, insights and analysis in the financial, education and business information sectors through leading brands including Standard & Poor's, McGraw-Hill Education, Platts, and J.D. Power and Associates. The Corporation has more than 280 offices in 40 countries. Sales in 2009 were $5.95 billion. Additional information is available at http://www.mcgraw-hill.com/.
SOURCE J.D. Power and Associates