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Auto sales continue to rise

Posted on Friday, October 23, 2015 at 9:49:26 AM

Auto sales are on pace to enjoy their best October in 14 years, with roughly 1.4 million new cars and trucks projected to be sold in the U.S. this month, according to a forecast from car shopping site Edmunds.com. That is an estimated Seasonally Adjusted Annual Rate of 17.8 million, up from a 16.4 million SAAR at this time last year.

Edmunds.com released the forecasted figures in a press release this week. While the projected sales represent a 1 percent drop from September 2015, they are an 11.5 percent improvement over October 2014's figures, and the sales volume is the highest seen since October 2001. With an estimated sale of 3.14 million used cars this month, auto financing will become a priority as so many new and used cars hit the road.

Demand seems to be so great that dealers are requesting higher supply. According to Autonews.com, the consistently high sales over the past few months - the SAAR has now broken the 17 million mark for six months in a row - are due to the overall strength of the auto market and the health of the economy in general. Consumers are buying cars in 2015, and they're doing it at near-record numbers.