U.S. new-car sales dipped below an annualized 13 million vehicles in May, prompting analysts at RBC to say they are at “recessionary levels,” although demand is still heated and auto makers offer few if any incentives to those looking to buy a new vehicle.
By RBC’s reckoning, the May U.S. light-vehicle seasonally adjusted annualized rate (SAAR) of sales came in at 12.8 million vehicles, below RBC’s forecast of 13.4 million vehicles and down from April’s 14.6 million.
“We have not yet seen any evidence of demand destruction. But, if a recession were to occur, it’s likely that ‘recessionary’ levels of demand are in the (12 million to 13 million) range.”
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