Vehicle sales surge past 1.2M in February

New vehicle sales in the U.S. are expected to reach a seasonally adjusted annual rate of nearly 15.4 million units in 2024, according to Cox Automotive. The company estimates that unadjusted U.S. new vehicle sales exceeded 1.2 million in February, marking a 6.3% year-over-year increase and a 12.4% month-over-month increase. The seasonally adjusted annual rate also saw a rise of 0.5 million units year over year and 0.4 million units month over month.

After a more than 21% decline in auto sales from December to January, February saw a rebound due to favorable weather conditions, strong inventory levels, and increased incentives and discounts. Charlie Chesborough, senior economist at Cox Automotive, credited mild weather and inventory levels for the turnaround in sales. Additionally, February sales are projected to increase due to having 25 selling days this month, one more than last year.