ALG Forecasts Average New Vehicle Transaction Price to Reach $35,667 for March 2020, up 3.2% Year Over Year
TrueCar, Inc. (TRUE)
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Source: GlobeNewswire
SANTA MONICA, Calif., April 01, 2020 (GLOBE NEWSWIRE) -- ALG, Inc., a subsidiary of TrueCar, Inc., and the industry benchmark for determining the future resale value of a vehicle, projects average transaction prices (ATP) to be up 3.2% or $1,108 from a year ago and up 0.6% or $208 from February 2020. “Before we get too excited that we are not seeing a decline in average transaction prices, along with the steep sales decline, we must bear in mind that the Coronavirus pandemic did not truly affect vehicle sales until the middle of March,” said Eric Lyman, Chief Industry Analyst for ALG, a subsidiary of TrueCar. “Historically, there’s been a strong correlation between consumer confidence and average transaction price,” continued Lyman. “We’re now seeing one of the largest one-month declines in consumer confidence in nearly 50 years. April will provide a much clearer picture of the full impact caused from the Coronavirus.” ALG projects that U.S. revenue from new vehicle sales will
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