- Annual vehicle sales pace in July forecast to be 13.3m, down from 16.9m in 2019
- Sales volume expected to fall 19% year on year, finish near 1,130,000 units
- Industry recovery slow but on track with third straight month of improvement
The US light vehicle market is expected to show modest month over month improvement in July but the growing number of COVID-19 cases and overall economic uncertainty continue to stifle a more robust recovery.
According to Cox Automotive, the seasonally adjusted annual rate (SAAR) of auto sales in July is expected to be 13.3m, up from last month’s 13m pace but down from last year’s 16.9m.
Sales volume in July, forecast at 1.13m units, will be down 19% from July 2019.
According to Charlie Chesbrough, senior economist at Cox Automotive, “The market has been making slow but steady gains since April’s low, but there are many headwinds hampering our recovery.”
Consumer sentiment for the most part drifted downward throughout the month of July as surges in COVID-19 cases in the south and the west dominated news headlines.
Concerns over high unemployment, a troubled US economy and the resulting severe recession also weighed heavily on potential auto buyers, keeping many out of the market.
Shoppers who stayed in market were likely impacted by a limited supply of product at dealerships, as tight inventory has become a growing problem for both new and used vehicles.
Inventory key metric in July
Based on analysis of vAuto Available Inventory data, there was only 67 days of inventory available in mid-July based on the current sales pace – far below the July 2019 level of 86 days.
Lean supply can be a positive for dealers and automakers as it often leads to less aggressive incentive spending and high grosses. However, low inventory will also drive down market volume, as vehicle shoppers may not find the product they want. Many will decide to wait rather than compromise on colour or trim package.
Not all automakers were in the same inventory situation in July though, and certainly inventory issues are impacting products and locations differently.
Toyota and Subaru had the tightest inventory among larger brands in July, both below 40 days of supply. At the other end of the scale, Chrysler, Dodge and Ford all had days of supply above 90 days in July. Mitsubishi had the most inventory on hand in July, with 135 days of supply. Among luxury brands, Lexus in July had the tightest situation at nearly 41 days of supply while Buick and Jaguar were near 130 days.
Inventory levels also varied greatly across the country during the month, as the COVID-19 pandemic impacted states and regions differently. Some parts of the country registered plenty of inventory while other regions had very limited supply. Among the largest metro markets, New York dealt with the tightest supply situation in July with only 54 days of inventory at mid-month. Many markets in the south, on the other hand, had more than enough inventory, with Dallas-Fort Worth at 72 days and Houston at 85 days. In Corpus Christi, Texas, available inventory stood near 100 days’ supply.
July 2020 Sales Forecast Highlights
- In July, new light vehicle sales are forecast to fall to 1.13m units, down nearly 19% versus July 2019. Compared to June, sales are expected to rise nearly 27,000, or nearly 2%.
- The SAAR in July 2020 is estimated to be 13.3m, far below last year’s 16.9m level, but an improvement from last month’s 13m pace.
- There are 26 selling days in July 2020, one more than July 2019.
How Car Tires Are Manufactured
🚗 Cars are complex machines, each part made in highly specialized and specific ways, car tires included. Here is how car tires are manufactured.
🚕 Car tires are the part of your vehicle that keeps you moving forward. But have you ever wondered about how car tires are manufactured? Read ahead for a quick overview of the process.
❋ Design and Plan 👇
Designing the item you plan to manufacture is the first part of any industrial process. Car tires have been around for a long time now, and the manufacturing process is becoming increasingly digital. The design is usually created through engineering software, and the dimensions and curvature are handled with precision. After that, the tire-making machines receive this digitized format.
❋ Select Materials 👇
Most tires consist largely of rubber, both natural and synthetic. Oils, pigments, antioxidants, and other materials mix with the rubber to create each part of the tire. Tires must be crafted from quality, durable materials, including chemical agents, metallic cables, and fabric reinforcers.
❋ Melt and Mold 👇
Heat and friction work together to produce the final rubber composite that will mold the other parts of the tire. Tires are not one singular piece of rubber—they contain tread rubber, sidewall rubber, fabric-coated plies, and bead wires, among other components. A factory worker or automated apparatus then uses a tire-building machine in the shape of a collapsible drum to glue and set the tires. Finally, the tires cure over time, and subsequent heating and steaming help them fully coalesce
❋ Distribute Widely 👇
Quality control is important with tires—after all, tires must handle transporting drivers for thousands of miles on the road. After rigorous testing, the manufacturer packs the tires and distributes them to various sellers. These include tire stores all across the United States, from Trenton, New Jersey to Anderson, Indiana.
🟥 Knowing how car tires are manufactured can help you better select the parts for your vehicle. Because all cars are different and have specific needs, you should consult with a tire expert before choosing your next set of wheels.
👉↘ Source: Christina Duron is a freelance writer for multiple online publications where she can showcase her affinity for all things digital. She has focused her career around digital marketing and writes to explore topics that spark her interest.
Feast your eyes on the all-new, all-electric GMC Hummer EV
GMC has a new all-electric version of its classic Hummer oversized SUV. This thing is a beast, as you might expect, with an advertised 350-mile range and a 3-second zero to 60 mph time. It’s a bit ridiculous to be honest, which is kind of what the Hummer has always been about so that makes sense.
Alongside a teaser, GMC released a number of press photos of the 1,000 HP bruiser, so take a look below. It definitely looks like a Hummer – which may or may not be your cup of tea.
ALYI Highlights Next Steps
Dallas, TX – October 20, 2020 – OTC PR WIRE – Alternet Systems, Inc. (OTC PINK: ALYI) today announced plans to publish a comprehensive progress update next week targeting a Wednesday, October 28th release date.
Management indicates a number of major endeavors underway in important stages of development to include RevoltTOKEN financing partner’s efforts to finalize ICO details, next steps after finalizing the multiparty milestone agreement announced last week, and a new design path development for the company’s long-term plans for future electric vehicles in Africa.
Management anticipates wrapping up details on the above-mentioned endeavors by next Wednesday and being ready to release a comprehensive update.
For more information and to stay up to date on ALYI’s latest developments, please visit www.alternetsystemsinc.com.
Disclaimer/Safe Harbor: This news release contains forward-looking statements within the meaning of the Securities Litigation Reform Act. The statements reflect the Company’s current views with respect to future events that involve risks and uncertainties. Among others, these risks include the expectation that any of the companies mentioned herein will achieve significant sales, the failure to meet schedule or performance requirements of the companies’ contracts, the companies’ liquidity position, the companies’ ability to obtain new contracts, the emergence of competitors with greater financial resources and the impact of competitive pricing. In the light of these uncertainties, the forward-looking events referred to in this release might not occur.
Alternet Systems, Inc. Contact:
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