NADA is forecasting new light-vehicle sales of 16.8 million in the U.S. this year. Beyond 2020, NADA expects sales to be in the mid-16 million range "for the next several years," Patrick Manzi, the organization's senior economist, said Saturday.
Around the same time last year, Manzi said he had expected sub-17 million sales for 2019, but multiple interest rate cuts in the back half of the year and high fleet sales helped push total new-vehicle sales above 17 million for a fifth-straight year.
Manzi said the hottest segment in 2019 was crossovers, which represented about 40 percent of all new vehicles sold.
The steady flow of off-lease vehicles — expected to be about 4 million units this year — should continue to keep the used-vehicle market humming.
Manzi said NADA expects a "significant chunk" of those vehicles to be certified pre-owned, and overall, NADA expects about 2.8 million CPO sales in 2020.
Manzi said he expects total sales per dealership to be about $62 million on average in 2020, up about $900,000 from 2019. Added up across the entire dealership network, sales are expected to top $1 trillion for the third-straight year.