The July 2024 SAAR came in at 15.8 million units, a 4.2% increase from last month and roughly flat with July 2023 (-0.8%). While the month-over-month increase was expected based on the CDK cyber-attack that hit the auto dealer industry in late June, we find it notable that results were still below last year. Mercer Capital expects the August 2024 SAAR to land within the 15.5 to 16 million range as a portion of the Labor Day holiday weekend falls in August this year. Throughout the remainder of 2024, we expect to see pressure on the average transaction price and per-unit dealer profit as expanding inventory levels drive incentive spending higher.