Market Overview

2015 Could Be The Best Year Ever For Auto Sales

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2015 Could Be The Best Year Ever For Auto Sales

  • According to The Detroit News, 2015 auto sales could surpass the all-time record of 17.41 million vehicles set in 2000.
  • Automakers sold 1.46 million new cars and trucks in October – the best monthly performance since 2001.
  • Demand for trucks and SUVs continues to drive sales ahead of holiday and year-end incentives and promotions.
  • General Motors Company (NYSE: GM) reported that its October U.S. auto sales rose 16 percent year-over-year, Ford Motor Company (NYSE: F) reported a 13 percent increase in its October U.S. sales and Fiat Chrysler Automobiles NV (NYSE: FCAU) reported a 15 percent jump in its October U.S. sales.

    The "big three" automakers led the charge with a solid double-digit sales gain, prompting industry experts to predict that 2015 will surpass 2000's all-time record of 17.41 million vehicles sold.

    Related Link: Auto Experts Peel The Onion On Consumer Reports' Tesla Issues

    Industry Has 'Passed Recovery Mode'

    The Detroit News quoted Karl Brauer, a senior analyst at Kelley Blue Book, who said that the industry has "passed recovery mode," and the industry will continue benefiting from "all the key factors" – such as pent-up demand, available credit/financing at low rates and cheap gas prices at the pump.

    Ending The Year On A High Note

    The report added that car companies and industry analysts are predicting full-year 2015 U.S. sales to fall in a range of 17.4 million to 17.8 million vehicles, as automakers are likely to offer more holiday and year-end incentives and promotions.

    Demand for trucks and SUVs continue to support the sector. In fact, the report noted that the top three vehicles sold in October were all pickup trucks, led by Ford's F-Series.

    Industry truck sales in the United States rose 7.3 percent in October from a year ago, while SUV and crossover sales jumped 28.4 percent.

    Image Credit: Public Domain

    Posted-In: auto sales automakers Ford F-150 Karl BrauerNews Econ #s Economics Trading Ideas Best of Benzinga

     

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