US new vehicles sales growth likely slowed in second quarter

Growth in US auto sales likely slowed significantly in the second quarter, marred by a cyber incident at CDK, even though steady demand and better availability kept the sales for new vehicles elevated.� Market research firm Cox Automotive estimates US new-vehicle sales volume in the second quarter to grow 1% to nearly 4.2 million units. New vehicle sales had surged about 16% year-on-year in the corresponding period in 2023.

The CDK outage was the latest hiccup for automakers in the United States, with more than 15,000 retail locations in the country relying on the retail technology provider for their dealer management software.� Analysts expect vehicle retailers and automakers to recoup most of the lost sales in July.� Automakers have benefited from pent-up demand for SUVs, pickup trucks and hybrid vehicles. Discounts on certain models and incentives have also attracted price-conscious shoppers.

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