Drivers replacing aging vehicles will keep U.S. auto sales "in a healthy holding pattern" in April, J.D. Power and Associates and LMC Automotive said today while raising the forecast for the full year.
April sales will rise 7 percent from a year ago to 1.3 million units, according to the forecast jointly developed by LMC and the Power Information Network.
On a seasonally adjusted basis, an April annualized selling rate of 15.2 million would match March's and extend the 15 million-plus streak to a sixth month.
"The irrepressible buying behavior of consumers is driving auto sales growth in 2013, as consumer spending remains remarkably stronger than the economy suggests it should be," Jeff Schuster, LMC's head of forecasting, said in a statement.
Schuster increased his 2013 forecast to 15.4 million light vehicles from 15.3 million, mostly on expectations of gains on the retail side.
And he still sees some upside sales potential.
"If the current favorable trend in the stock markets and housing continues throughout the year, the automotive market may be poised for a breakthrough performance," he said.
John Humphrey, Power senior vice president, said strong used-car prices are supporting new-vehicle demand, and he credited automakers for maintaining pricing discipline.
"Industry sales are also benefiting from an increase in the number of maturing vehicle leases, a trend that will continue throughout 2013," he said.
For April, Schuster and Humphrey expect a retail selling rate of 12.1 million, slightly higher than in March and 14 percent higher than in April 2012. They expect fleet sales of 282,000 units this month, just above a year ago.
Through the first quarter of 2013, U.S. auto sales were 6 percent higher, but that was compared with strong 2012 results. In 2012, automakers sold 14.5 million light vehicles, 13 percent more than in 2011.
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