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Total new-vehicle sales for this month, including retail and non-retail transactions, are projected to reach 1.12 million units, a 7.2% increase from February 2022, according to the report.
February sales growth was led by a 54% increase in sales to fleet customers, the report said.
Availability for retail customers, while improving, “remains extremely low,” Thomas King, president of the data and analytics division at J.D. Power said in a statement.
Retail sales of new vehicles are expected to reach 907,900 units in February, a 0.1% increase from last year.
Despite February gains, inventory levels were still not sufficient to meet demand, keeping prices high, the report said.
New-vehicle prices continue to rise, with the average price reaching $46,229 in February, a 4.8% increase from a year ago.
Globally, light-vehicle selling rate is expected to retreat to below 80 million units in February as Eastern Europe remains a drag on global volume with an expected decline of 22% from a year ago.
For 2023, the consultants said global light-vehicle sales is expected to increase by 6% to 85.9 million units.
“While the outlook still bears a high level of uncertainty, disruption is easing some and other risks also appear to be more balanced,” said Jeff Schuster, president, global forecasts at LMC Automotive.
