USA January 2023: Market up 5.4%, Ford passes Toyota

Ford Bronco Sport sales are up 51.7% year-on-year in January.

The U.S. new light vehicle market is estimated to gain 5.4% in January to 1,043,100 units according to a joint forecast from J.D. Power and LMC Automotive. The SAAR stands at 15.9 million units vs. 15.1 million in January 2022. According to the two companies, the average new vehicle retail price is up 4.2% year-on-year to $46,437, a new January record while the all-time high mark was set in December 2022 at $47,362. The average incentive per unit is estimated at $1,260, down -7% year-on-year. Total retail buyers spending on new vehicles is $39.9 billion for the month, up from $39 billion in January 2022. Fleet sales help the market growth as they soar 59.4% year-on-year to 183,300 units. Finally light trucks (trucks and SUVs) account for 78.7% of retail sales in January.

Among groups still sharing monthly data, Ford Motor (+1.8%) edges up to overtake Toyota Motor (-14.8%) in a difficult position. Hyundai-Kia (+14.8%) and American Honda (+14.3%) post stellar gains. Brand-wise, Ford (+1.9%) here too passes Toyota (-16.9%) while Honda (+10%), Hyundai (+8.6%) and Kia (+22.3%) score very solid upticks. Below, Acura (+66%), Mazda (+9%) and Genesis (+7.3%) also outpace the market.

As far as models with available January 2023 data are concerned, the Ford F-Series (+8.8%), Honda CR-V (+49.4%) and Toyota Tacoma (+16.8%) impress, whereas the Toyota RAV4 (-20.5%), Toyota Camry (-14.7%) and Ford Explorer (-3.9%) slow down. The Honda Accord (+41.6%) manages an outstanding jump, with the Subaru Crosstrek (+33.4%), Ford Bronco (+25.5%), Ford Transit (+105.7%), Ford Bronco Sport (+51.7%) and Hyundai Elantra (+70.3%) all delivering very strong results.

Previous post: USA 2022: Weakest market in 11 years (-7.9%), Ford F-Series, Toyota RAV4 and Camry keep segment leads

One year ago: USA January 2022: Market down -9% to lowest January in 8 years, Hyundai (+10.3%) in shape

Full January 2023 data for selected groups, brands and models below.