GM: US Sales Show Good Retail Channel Growth Despite No Excessive Discounting

Most automakers reported September US auto sales on Oct. 1. Wards Intelligence put volumes down 12.8% year over year, but there were three fewer selling days in September 2024 versus September 2023 (Labor Day 2024 weekend volume included in August sales). Adjusting for fewer selling days, volume fell 1.4%. The seasonally adjusted annualized selling rate of 15.77 million improved from September 2023’s 15.69 million. Inventories likely remain below three million units, and the recent interest-rate cut should nudge some buyers to visit showrooms in the fourth quarter, though we think the industry would benefit from further rate reductions. We still expect 2024 light-vehicle sales in the high 15 million range.