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American car industry looking strong

Posted on Sunday, August 28, 2016 at 9:37:36 PM

The automotive sector is one of the more important areas of the economy in the United States for a range of reasons - and this includes virtually every sub-segment therein. From automotive financing approvals and manufacturer productivity to sales and beyond, telling insights can be garnered from the health of the country's car-related industries. There has been some concern regarding the state of automotive financing, with some types of lenders making risky calls. However, consumers can avoid the headaches involved by working with local banks to find the right loan. 

Sales, both from dealerships and manufacturing, are critically important to the U.S. economy. Luckily, the news has been consistently positive across all areas of the automotive sector for years now, and one of the more important components is looking increasingly healthy going into the final months of the year. 

Ending the year on a positive note
Edmunds recently reported that a new record in automotive sales is likely to be set in 2016, and that August will likely show a 1.1 percent rise in purchases compared to the month prior. Although this past season has not necessarily been the most impressive in the past few years, there is still plenty to celebrate when looking at the year as a whole. 

"The summer isn't delivering explosive sales like we saw last year, but the industry is still on pace to set an annual sales record," Edmunds Executive Director of Industry Analysis Jessica Caldwell affirmed. "Automakers have done a good job this year of staying disciplined and managing their inventories. With volumes at record highs, they can focus even more attention on battles for market share."

Notably, the news provider pointed out that the most prolific period for automotive sales of the year tends to take place on Labor Day, which also marks the end of the season. One can only expect sales to spike this year as well. 

Financing options are vast
Consumers looking to get financed for a car purchase are being greeted by an ever-expanding universe of options and, while this is certainly a good thing, it can be somewhat difficult to identify the right one in accordance with their budgets and goals. Always consider working with a local, community bank to assess the situation and land on the best possible deal on an automotive loan.