TrueCar : Automakers Revenue To Reach $47 Bln In July

(RTTNews) - TrueCar Inc. (TRUE), the negotiation-free car buying and selling mobile marketplace, estimates that July's revenue for new vehicles will likely set a U.S. record high for the month of $47 billion, up 2.1 percent versus the same period last year.

TrueCar estimates the average transaction price (ATP) for a new light vehicle was $31,691 in July, unchanged from a year ago, while average incentive spending per unit shrank by $34 to $2,849. The ratio of incentive spending to ATP was 9 percent, down 1 percent from a year ago.

TrueCar estimates U.S. retail sales of new vehicles will grow by 4.2 percent this month, with the total industry expanding 2.6 percent. The Seasonally Adjusted Annual Rate (SAAR) should reach 17.2 million units in July, keeping the industry on pace to reach 17.1 million units this year. That's the highest volume for new light vehicle sales since 2001.

On the TrueCar platform, midsize utilities/crossovers were very popular, with a 6.9 percent increase in customer searches over last month. This gain was driven partially by the all-new 2016 Honda Pilot and Chevrolet Traverse. Large utility interest was up by 5.8 percent this month from the level in June, while luxury, sports and midsize car searches all dropped.