WSJ: Auto Expectations - Sales Slide/Prices Soar

WSJ headline: Auto Sales Expected to Slide, Prices to Soar

Sub-headline: Supply-chain issues restrict inventory on dealer lots; ‘We could sell all of the vehicles that we could possibly get’…

Sales of new vehicles in the U.S. during the first six months of 2022 were expected to have fallen about 17% from a year earlier, according to Cox Automotive. Most auto makers on Friday are scheduled to report sales tallies for June and the first half of the year.

It has been a frustrating market for car shoppers, who have faced scarce availability and prices that often exceed the window sticker. The environment has been favorable for the bottom lines of auto makers and dealerships, though, as customers paid top dollar.

The average transaction price in June was projected to reach $45,844 for new vehicles, a nearly 15% increase from a year earlier, according to data firm JD Power.