Home Economic Trends April Unit-Auto Sales Running at Just Half the Recent Pace –

April Unit-Auto Sales Running at Just Half the Recent Pace –

Sales of light vehicles totaled 8.6 million at an annual rate in April, down sharply from an 11.4 million pace in March (see top chart). The pace of sales in April is the lowest on record since this data series began in 1976 and follows a run of 72 months in the 16 to 18 million range from March 2014 through February 2020. Unit vehicle sales fell significantly below the range as the 2008–9 recession began, hitting a low of just 9.0 million in February 2009. Sales began a slow recovery and returned to the 16 to 18 million range in March 2014 (see top chart).

As of April 2020, light-truck sales totaled 6.6 million at an annual rate, the lowest since June 2011, while cars managed just 1.9 million, the lowest on record going back to 1967. That puts the light-truck share at 77.3 percent, completely dominating the car share of 22.7 percent. The rising share of light-trucks continues a long-term trend (see bottom chart). As recently as March 2013, the split between cars and light-trucks (SUVs and pick-up trucks) was about even, with both segments selling about 7.76 million at an annual rate.