(Reuters) – Industry consultancies JD Power & Associates and LMC Automotive said they expect U.S. new vehicle retail sales for May to rise 2 percent to their highest level since August 2014.
New car retail sales are forecast to touch 1.3 million in May on a selling-day adjusted basis, JD Power and LMC Automotive said on Thursday.
“May’s selling rate is making up for a slightly weaker April, and keeping the year on track to reach the elusive 17 million unit mark,” said Jeff Schuster, senior vice president of forecasting at LMC Automotive.
The new-vehicle retail seasonally adjusted annualized selling rate (SAAR) in May is expected to be 14.1 million units, flat from May 2014, but the first time the retail SAAR has reached this level since August 2014, the consultancies said.
(Reporting by Radhika Rukmangadhan in Bengaluru; Editing by Joyjeet Das)