How Strong Is Evercore's Auto Dealers Survey This Month?

The Evercore ISI Auto Dealers Survey moderated this week, moving down from 59.0 to 57.3, as April has begun the month softer.

In a note, analysts led by Charlene Saltzman said, "March was a second month in a row of improved used car sales after a soft January according to franchised dealers. For the past several months, sales have been helped by low gasoline prices and easy credit, with much of the present strength coming from better sales of sport utility vehicles and trucks, as both benefit from low fuel prices."

"Financing continues to be easy to obtain, and a healthy pace of hiring as well as subdued gas prices are all supporting auto sales," Saltzman noted.

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According to the survey, for the month of March 2016, total new car sales stood at 56.4, used car sales were 57.8 and same dealer new car sales came in at 58.6. In February 2016, the metrics stood at 54.8, 56.7 and 58.9, respectively.

Evercore said its ISI Auto Dealers Survey is comprised of 53 auto dealers across the country representing over 600 individual dealerships. The survey asks participants on a weekly basis to rate new vehicle revenues and used car sales on a 0=weak to 100 =strong scale.