U.S. auto sales plummeted in May from the year before, but showed signs of recovering from their massive collapse in April as states loosened restrictions that shuttered many dealerships and kept consumers at home, according to early sales data from a majority of the automakers and industry analysts.
Toyota Motor, Honda Motor and Hyundai Motor were among the automakers to report double-digit sales declines last month compared to May 2019. Smaller automakers such as Mazda and Volvo reported slight declines.
“Retail consumers are coming out looking for cars and trucks,” Bob Carter, executive vice president of sales for Toyota Motor North America, told CNBC’s “Squawk Box.” “What hasn’t yet returned to the auto industry is the fleet commercial buyer, particularly rental car. Those sales continue to be suppressed at about 20%.”
