New Vehicle Sales Across Northern Ohio Gain Traction

CLEVELAND, Ohio – Franchised new vehicle dealers sold more new cars, trucks and SUVs across northern Ohio during the month of October compared to the same period last year  — the first time since June of 2021 that year-over year sales have improved.

These dealers sold 16,373 new cars, trucks and SUVs in October of 2022, up 5.56% compared to October 2021, according to figures released today by the Greater Cleveland Automobile Dealers’ Association.

“As inventories steadily improve and consumer demand remains, we are seeing small gains in new vehicle sales as compared to October of 2021,” says Louis A. Vitantonio, president of the GCADA. “Overall volume is still down, but will improve as model year end incentives and promotions close out 2022.”

“Interest rates and fuel prices will continue to play a large part in consumer confidence when purchasing or leasing a new vehicle, which may lead to buyers leaning toward used vehicles, as those prices have begun to drop,” he said.

Chevrolet retained its top spot in the Northern Ohio market with 2,251 new vehicles sold. Ford was again the second best-selling brand, with 2,057 sales in October. Kia placed third with 1,475 sales, just ahead of Toyota with 1,456.

Copyright 2024 The Business Journal, Youngstown, Ohio.