Industry experts forecast record year for auto sales
Posted on Tuesday, December 23, 2014 at 8:20:55 AM
The new year is nearly upon us, and while many people are focused on the holidays, members of the auto industry are already looking forward to 2015.
According to TrueCar, auto sales in the new year could reach as high as 17 million units, which would be the most recorded for this decade. In addition, the forecast also anticipates revenue of $553 billion, an all-time record if achieved.
"We see a convergence of favorable economic circumstances pushing auto demand up to pre-recession levels, including continued gains in the job market, the best consumer sentiment in eight years and low fuel prices," said John Krafcik, president of TrueCar. "This year has been remarkable in terms of growth and revenue coming from big gains in pickup, utility and luxury vehicle sales. We think 2015 will be even better."
Furthermore, the seasonally adjusted annualized rate, or SAAR, for new-vehicle sales was also quite strong, according to a J.D. Power and LMC Automotive report. The SAAR increased by 7 percent from December 2013 to December 2014, with a projected total of 14.2 million units sold this month. The last time it was that high was in August 2006.
It appears that buyers interested in auto financing and great deals are coming out in force this December, and industry experts believe that trend will continue in 2015.