FOR IMMEDIATE RELEASE

Cox Automotive Forecast: August U.S. Auto Sales Show Stability Amid Seasonal and Labor Day Boost•August’s new-vehicle sales pace is forecast to finish near 15.4 million, up 0.1 million from last August’s
15.3 million pace but down from July’s robust 15.8 million level.

•Sales volume in August, boosted by extra selling days, is expected to rise 8.1% from one year ago and reach
1.445 million units, a 12.1% increase from July.

•August sales totals will include the long Labor Day holiday weekend, which could help lift sales volume to thehighest monthly total of the year.

ATLANTA, Aug. 28, 2024 – The forecast from Cox Automotive released today suggests that U.S. new-vehicle sales inAugust should remain relatively stable when adjusted for significant seasonality. In August, the seasonally adjusted
annual rate (SAAR), or sales pace, is expected to reach 15.4 million, higher than last August’s 15.3 million pace but
down notably from July’s robust 15.8 million level. The strong sales pace in July was partly fueled by a sales reboundfollowing an industry-wide dealership software disruption that slowed the market in the second half of June.
Sales volume in August, which will include deals completed during the Labor Day holiday weekend, is expected to rise
more than 8% from last year and increase 12% from last month. In fact, August could potentially be the month withthe highest sales volume of the year so far. However, significant seasonal adjustments are necessary to compare themarket selling pace: This August has 28 selling days, three more than last month and one more than last year. Augustsales data will also include five weekends versus four last year.
Following the software outages in June and recovery in July, new-vehicle inventory was expected to normalize
throughout August. As model year 2025 vehicles hit the market, several automakers reported that 40% or more of
their current inventory on dealer lots consisted of MY25 vehicles. As automakers work to make room for the newmodel year, various financing deals are being offered, including options for 0% financing and up to $10,000 incustomer bonuses for buyers choosing a new 2024 model. The improved incentives and healthy inventory should
support higher sales volume in August.
According to Cox Automotive Senior Economist Charlie Chesbrough: “The August new-vehicle sales pace is expected
to finish within the 15 to 16 million range as monthly sales have for nearly the last two years. Historically, the Labor
Day timeframe has been one of the larger sales promotion periods for the industry – and that should boost volume
this year. However, this monthly report will also benefit from 28 selling days, more than any other month this year,
and the long holiday weekend, so higher volume is expected.”
August 2024 U.S. New-Vehicle Sales Forecast
Sales Forecast1

Market Share

Segment

Aug-24Aug-23

Jul-24YOY%

MOM%

Aug-24

Jul-24

MOM

Mid-Size Car

75,00073,38164,696

2.2%

15.9%

5.2%

5.0%

0.2%

Compact Car

110,000

99,254

99,872

10.8%

10.1%

7.6%

7.7%

-0.1%

Compact SUV/Crossover

235,000

222,928

205,709

5.4%

14.2%

16.3%

16.0%

0.3%

Full-Size Pickup Truck

205,000

190,350

181,574

7.7%

12.9%

14.2%

14.1%

0.1%

Mid-Size SUV/Crossover

225,000

208,406

197,066

8.0%

14.2%15.6%

15.3%

0.3%

Other Segments

595,000

542,240

540,464

9.7%

10.1%

41.2%

41.9%

-0.7%

Grand Total2

1,445,000

1,336,559

1,289,381

8.1%

12.1%

1 Cox Automotive Industry Insights data
2 Total includes segments not shown

All percentages are based on raw volume, not daily selling rate. August 2024 has 28 selling days, one more than lastyear and three more than last month.
About Cox Automotive
Cox Automotive is the world’s largest automotive services and technology provider. Fueled by the largest breadthof first-party data fed by 2.3 billion online interactions a year, Cox Automotive tailors leading solutions for car
shoppers, auto manufacturers, dealers, lenders and fleets. The company has 29,000+ employees on five continents
and a portfolio of industry-leading brands that include Autotrader®, Kelley Blue Book®, Manheim®, vAuto®,
Dealertrack®, NextGear Capital™, CentralDispatch® and FleetNet America®. Cox Automotive is a subsidiary of Cox
Enterprises Inc., a privately owned, Atlanta-based company with $22 billion in annual revenue. Visit coxautoinc.com
or connect via @CoxAutomotive on X, CoxAutoInc on Facebook or Cox-Automotive-Inc on LinkedIn.
Media Contacts:
Mark Schirmer
734 883 6346
mark.schirmer@coxautoinc.com
Dara Hailes
470 658 0656
dara.hailes@coxautoinc.com

2