Retail auto sales in the US could increase by 3.7pc to reach around 1.2mn units in July from the prior-year period, as consumers could spend more on new vehicles this month than ever before, said J.D. Power and LMC Automotive, in an official statement.
But retail sales are expected to decline from the previous months due to a limited supply of automobiles amid a global shortage of semiconductors.
Furthermore, the pandemic boosted demand for personal transportation,however, a shortage of semiconductors has led to limited supplies causing a surge in prices.
Sales growth in April was estimated to be at 110pc, but the outlook for May and June fell to 34pc and 12.4pc, respectively.
The average transaction price could increase to a record-high of 17pc to $41,044, but the average incentive spending per unit could decline to $2,065 from $4,235 in the previous year.