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Car Retail Sales Up

According to a monthly sales forecast by J.D. Power and Associates, July new-vehicle retail sales are expected to reach the second highest year-over-year growth during the past 12 months.

Retail sales of light vehicles during July is expected to account for 969,200 units, representing a seasonally adjusted annualized rate of 11.5 million units.

A study by J.D. Power showed that 27 percent of new car buyers replaced a car with a different one from a smaller segment, while 60 percent purchased a new vehicle in the same segment as their previous car.

“New-vehicle buyers who down are not making the sacrifice that they once were,” said David Sargent, vice president of global automotive at J.D. Power and Associates. “Automakers are heavily focused on providing the U.S. market with appealing smaller models, and buyers may be surprised at just how good some of them are.”

Car loan companies have been busy during the month of July. Auto loans are up 26.7 percent during the month, compared to last year. They account for 30 percent of retail sales in July 2012.

via Auto Finance News.

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