U.S. Auto Sales Surge in February 2024, Led by Mild Weather and Incentives
U.S. auto sales experienced a significant rebound in February 2024, following a dip in January. The recovery was driven by mild climate, robust inventory levels, and enhanced incentives and discounts.
In February, unadjusted U.S. new vehicle sales soared to over 1.2 million units, marking a 6.3% increase year over year and a 12.4% jump from January. The seasonally adjusted annual rate also climbed, reaching nearly 15.4 million units, a 0.5 million unit increase year over year and 0.4 million units month over month.
The turnaround can be attributed to several factors. Mild weather conditions in February, a stark contrast to the poor weather experienced in January, encouraged more consumers to make purchases. Additionally, strong inventory levels and larger incentives and discounts offered by manufacturers and dealers played a significant role in the sales boost.
Despite the dip in January, U.S. auto sales remain robust, with a seasonally adjusted annual rate of nearly 15.4 million units in 2024. The industry is optimistic that these positive trends will continue, barring any unforeseen external factors.
