Auto Sales Remain Robust in October

U.S. auto sales closed October at a strong pace with year-over-year growth supporting the industry’s robust recovery. The seasonally adjusted annual rate for October was near 16.4 million, said Cox Automotive, and marked the second consecutive month of annual increase. Year-to-date sales are down less than 10 percent compared to 2019.

Said Brian Finkelmeyer, Cox Automotive senior director of new car solutions, “This unexpected strong consumer demand is being driven by a potent combination of home refinancing, sky-high used vehicle trade-in valuations, and likely, the emotional need for something to feel good about in 2020—Honey, let’s go buy a new car tonight.”