Steel Markets
February 1, 2017
US Auto Sales Slip in January
Written by Sandy Williams
U.S. auto sales slipped in January as predicted but still had a strong showing at 1.14 million vehicles when compared to the year ago total of 1.16 million. WardsAuto puts the seasonally adjusted annual rate at 17.46 million, the highest January rate since 2006.
Used cars are expected to flood the market this year as leases end, giving consumers a lower priced alternative to new cars, said Mark Wakefield, head of automotive at AlixPartners. According to Wakefield, off-lease volume will rise to 3.36 million cars and trucks this year and new car sales will slip to 17.3 million.
