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Houston-area auto dealers sold 356,437 cars, trucks, and SUVs in ’23, a 14.6 percent increase over ’22, according to TexAuto Facts, published by InfoNation, Inc. Sales have surpassed pre-COVID levels but remain short of the Fracking Boom peak. ’23 was the fourth-best year of the past two decades.
Cars accounted for 22.2 percent of all vehicles sold in ’23, no significant change from the 22.3 percent sold in ’22. Trucks/SUVs accounted for 77.8 percent of the market in ’23.
Sales prices for trucks, SUVs, and cars finished the year below where they started as most supply chain issues have been resolved and dealer inventory is plentiful.
Cox Automotive is expecting new-vehicle inventory to rise nationwide, incentives to be higher, and dealer discounts to increase. New inventory is expected to reach pre-pandemic norms in ’24. At the start of February, the total U.S. supply of available unsold new vehicles was 2.61 million units, 50 percent above a year ago.
Prepared by Greater Houston Partnership Research
Patrick Jankowski, CERP
Chief Economist
Senior Vice President, Research
pjankowski@010fchome.com
Leta Wauson
Research Director
lwauson@010fchome.com
Houston-area auto dealers sold 356,437 cars, trucks, and SUVs in ’23
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