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October pushes auto industry closer to record year

Posted on Monday, November 9, 2015 at 12:30:41 PM

It has been a decade since the auto industry had an October as strong as the most recent one, a development which could lead the sector to break a record that has stood for 15 years.

The last time that vehicle sales have been as strong as they have this year, the WardsAuto figures show the industry sold 17.35 million units in 2000, according to Reuters. This year the sector is on pace to reach, or even break, that record. Thanks to affordable gas prices that consumers do not expect to spike anytime soon, cheap interest rates that make auto financing easier to acquire and a relatively strong jobs market, the auto industry has shifted out of recovery mode and into a bullish run that could make its way into the record books. 

The industry remains on pace in part due to strong sales in October. The New York Times reported that automakers sold 1.46 million vehicles through the month, making it the best October showing in 10 years. Autodata Corporation metrics indicated that the figure represented a 13.6 percent year-over-year increase. Nearly all automakers saw growth last month. That is, besides Volkswagen, whose weak showing was a result of the continued fallout from the emissions scandal that has plagued the company recently.