“The vehicle market is supported by improved inventory and product selection for some brands, but not all,” Charlie Chesbrough, senior economist at Cox Automotive, said in a statement. “However, rising interest rates are pushing up monthly payments for everyone, and many potential buyers are being squeezed out of the market.”
Toyota sales jumped 28% overall, including a 33% increase in the Toyota division. The company’s top sellers made big gains – the Camry up 68%, the RAV4 up 40% and the Tacoma up 44%.
The automaker said it ended October with just 20 days of vehicle supply – 143,761 cars and light trucks, although less than 20% of them were in dealerships, the rest in a port or in transit.
Volume rose 6.8% at Hyundai and 12% at Kia to an October record of 58,276.
Hyundai said its retail deliveries rose 11% to an October record of 58,315. The company is prioritizing more profitable retail operations amid tight inventory, fleet shipments not totaling than 0.4% of sales in 2022.
“The demand is still there and our line of electric vehicles contributed to record sales this month,” Randy Parker, CEO of Hyundai Motor America, said in a statement.