TrueCar's Latest Vehicle Forecast Is Worth Looking At
In a report published Tuesday, TrueCar Inc (NASDAQ: TRUE) revised its 2015 projection of total light new vehicle sales to 17.1 million units, up from a previous 17.0 million-unit forecast, due to favorable first-quarter deliveries and a strong economic outlook for the rest of the year.
TrueCar, an automotive pricing and information website for new and used car buyers and dealers, noted that sales of new cars and light trucks rose 5.6 percent in the first quarter, producing the highest first-quarter volume since 2001.
In fact, TrueCar found the first quarter to be the best ever quarter in terms of revenue, totaling $128 billion, up 8.4 percent from the same period a year ago. At the same time, incentive spending as a percentage of average transaction price fell by 2.6 percent, averaging 8.3 percent for the quarter.
The company also noted that BMW, Daimler AG (OTC: DDAIF), Hyundai Motor Co (OTC: HYMLF), Kia Motors Corp (OTC: KIMTF), Nissan Motor Co (OTC: NSANY) and Subaru reported their best first quarters in more than 14 years.
"This was an outstanding way to kick off the year," said Eric Lyman, vice president of industry insights for TrueCar. "As we move past harsh weather that lingered in much of the country through March, and with the outlook for the U.S. economy looking even more favorable for the remainder of 2015, TrueCar expects this to be an excellent period for the industry."
© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.