F&I and Showroom, November 2020

DEVELOPMENTS 8 F I and Showroom November 2020 According to J D Power and LMC Automotive auto sales in the U S are forecasted to rise 3 in October aided by continued recovery in consumer demand and smaller inventories at dealerships In the month of October retail sales of new vehicles are expected to reach U S Auto Sales Expected to Gain Momentumabout 12 million units which is a 3 increase from a year ago factoring in adjustments for selling days Omitting the adjustment the increase would instead be 68 year over year Average incentive spending per unit in October fell 425 to 3678 from a year ago due in part to lean inventories Worldwide sales for Toyota Motor Corp increased 2 in the month of September compared to a year earlier This is a long awaited indicator that demand for vehicles is continuing to recover In September global sales increased to 837049 units marking the first month of year over year growth in nine months Bolstered by demand for the RAV4 and Lexus models sales jumped 16 in the U S In China propelled by the recent auto show in Beijing sales rose 25 Toyotas president Akio Toyoda has stated the company will remain profitable amidst the lasting affects of COVID 19 on consumer spending Toyota reported an operating profit of 133 million in the quarter that ended on June 30 and is maintaining its estimates for a full year profit GETTYIMAGES COM AVIGATORPHOTOGRAPHER GETTYIMAGES COM PESHKOV GLOBAL TOYOTA SALES ON THE RISEwhich have allowed retailers to further reduce discounts they generally offer on new vehicles For incentive spending which reached its peak at 4953 per unit in April of this year is now below 9 for the first time since June 2016