TrueCar has predicted the Thanksgiving holiday will see over 1.35 million car sales in November.
Thanksgiving 2015 could prove to be a major profit time for auto makers. TrueCar has predicted the Black Friday could lead to a major boost in car sales this year. In November 2015 the car sales could have a 3.9 percent profit than last year.
It means more than 1.35 million cars will have been sold in the current month. If such a large number of cars are sold it will be a new record. Since the record for car sales around black Friday was previously set in 2001. In November 2001 1.32 million cars were sold.
Multiple analysts have predicted record growth in the car industry for November. The numbers have been predicted due to the upcoming deals to be offered by companies. Chevrolet, Buick, and GMC already plan to offer up to 20 percent off on some of their models.
“This continues to be a standout year for the industry, with November sales likely setting a monthly record,” said Eric Lyman, TrueCar’s vice president of industry insights. “Consumers are excited about Black Friday promotions and these month-long events appear to be resonating with car buyers. Brands that advertised early, Chevrolet, Hyundai, Jeep and Ram, are expected to outperform the industry.”
Consumers are also excited about the Black Friday promotions. Analysts also shared Black Friday deals on vehicles have grown in popularity in recent years. The same formula is the key to November’s sale results.
In November 2014 more than 1.299 million cars were sold during the Black Friday holiday. After adjustments the figures show 2015 has seen a 7 percent growth than last year.
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“This year incentive spending as a percentage of average MSRP is lower than what we saw from 2003 through 2006,” said Doyle. “During that period, higher incentive spending was used to artificially boost sales levels to keep the industry close to 17 million units. Overall, most automakers are showing restraint and not falling back into bad habits.”