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Auto sales have potential to break record

Posted on Monday, November 2, 2015 at 9:55:55 AM

Sales of U.S. automobiles have been great throughout 2015, and recent data has revealed the industry's potential to tie or even break the all-times sales record. Eric Lyman, vice president of industry insights for TrueCar, said in a press release last week that automakers were expected to close the year with 17.4 million new vehicles sold, resulting in market revenue which "should reach a record $1.2 trillion, highlighting the strength of both the new and used markets and the rich mix of vehicles being sold."

Forbes, citing data from Kelley Blue Book and TrueCar, reported that October predictions forecasted an 11 percent increase in sales from this time last year. October was the third month in 2015 that saw double-digit growth, along with January - typically a slow month for auto sales, and the first sign of this year's promise - and August. It was also, as was reported last month, the best October for vehicle sales since 2001.

News of the potentially record-breaking sales is yet another indication that the U.S. auto market is as strong as ever before. Anyone looking to step into a new or used vehicle should contact Home Loan Investment Bank about auto financing and take advantage of the options available.