Auto sales are on the rise despite vehicle shortages across the U.S. A new report from TrueCar indicates that sales continue to reach pre-pandemic levels. In October 2022, car sales climbed to 1,165,658 units, up 15 percent from a year ago and on par with September 2022. This is a 13 percent increase over October 2021 with light vehicle sales reaching $14.6 million.

Experts at TrueCar believe sales will continue to rise by 9 percent from 2021, however, numbers are expected to be down 2 percent overall from September 2022. 

"The sales pace has improved from a year ago, though we expect it to be on par with the prior month when adjusting for selling days. With the backdrop of increased interest rates and sustained elevated pricing, the limiting factor for sales may be shifting from inventory to affordability," said Zack Krelle, industry analyst at TrueCar. "We are keeping a close eye on counter-measures to tackle affordability concerns."

Fleet sales are also on the rise, with sales expected to jump by 64 percent from 2021 and up 11 percent from September 2022. Consumers are also spending more on vehicles, with the average translation price projected to grow by 3 percent from last year, but slightly lower than September 2022. 

Used car sales are on the decline, with sales down 13 percent from last year, totaling nearly 3 million. These figures are even with September 2022 sales. 

Interest rates are on the rise, in response to recession and inflation fears. The interest rate grew to 6.3 percent in October 2022, up from 6 percent in September. The average rate on a used vehicle is approximately 9 percent. 

"In October, we're seeing Honda, Nissan and General Motors continuing to gain traction in sales, with last month's indication of positive growth materializing into this month," said Justin Colon, vice president of OEM Solutions at TrueCar. "GM's huge push into electric vehicles is building momentum, while the Malibu is currently positioned to capture sales as an affordability outlet."