Car loan companies have been issuing more auto loans lately and many analysts believe this trend will continue for years to come with an increasing automotive sales forecast.
Ford expects that U.S. sales of all vehicles, including commercial cars, will be between 15 and 17 million by the middle of the decade, according to Ellen Hughes-Cromick, chief economist at Ford.
Paul Taylor, chief economist for the National Automobile Dealers Association expects automotive sales will reach over 14 million units by the end of 2012, up from last year’s 12.8 million cars and light trucks sold. Auto sales were at their highest point in 2000, with 17.4 million units sold.
“We’re anticipating 12 percent growth between 2012 and 2014,” said Anthony Pratt, director of forecasting for the Americas for Polk. “We anticipate we’ll actually realize the 16 million unit range as soon as 2014. This is in spite of a weak economy and is largely related to growing pent-up demand, as well as an aging fleet.”
The Center for Automobile Research does not believe the increases will be as significant as other analysts believe but they still believe forecasts will increase to 15.8 million by 2016.
via Auto Finance News.