By Kyle Cheng
New vehicle sales are up 7.6% in September and are just 3.1% below the levels seen in January.
Despite uncertainty over government stimulus and the virus, the overall economy continues its recovery and consumers continue to spend money. Consumer confidence improved in September, as individuals felt better about both today and the months ahead.
Other key insights from the latest “SEMA Industry Indicators Report”:
- New vehicle sales are up 7.6% in September and are just 3.1% below the levels seen in January.
- New truck and SUV sales in September were higher than January for the first time.
- Consumer spending on vehicles and parts in August 2020 was up 12.2% from August 2019—the third consecutive month that spending was above pre-pandemic levels.
- Manufacturing added 66,000 jobs in September and has now regained 52.5% of all jobs lost from the pandemic.
Want more information on the trends affecting the specialty-equipment industry? Download the October “SEMA Industry Indicators Report,” available for free at www.sema.org/research.