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Auto sales down for July

Posted on Friday, August 3, 2012 at 4:16:45 PM

New reports from auto manufacturers paint a picture of a slowing market. Industry sales were slightly lower than predicted – only growing 9 percent compared to the 10 percent expected, Reuters reports. Kelley Blue Book estimated that the annual sales pace for July ended up being just below the 14 million initially predicted.

"If we were talking in February this year and you asked me what we're going to have July, I'd say at least 14 and a half," analyst Jesse Toprak told the news source. "But we're going to barely get to 14."

"It's the economy. There is no way around it," said George Magliano, senior economist with IHS Automotive. "In this kind of environment, it's very difficult for light vehicle sales to get any traction."

However, the decrease in sales rates may not be a terrible thing for consumers. Auto dealers may have exceptional variety of cars on the lot to peruse. If you are looking to purchase a vehicle in the near future, consider consulting with Home Loan Investment Bank about its general auto financing options for a great deal.ADNFCR-16001052-ID-800834302-ADNFCR