Research firm LMC Automotive predicts auto sales in the US will increase 8% in March and the annual sales pace should surpass 15 million for the 5th straight month.
Auto sales in March are expected to reach 1, 465, 100 units, while the annual sales pace is expected to hit 15.3 million units, according to LMC Automotive. Since November the annual sales rate has increased from 15.3 million to 15.5 million. The auto industry in the US has proven to be stronger than the overall economy and the easier availability of credit has attracted many customers into the market.
“We expect the economic environment to improve throughout 2013, as the likelihood of a dark cloud slowing the recovery pace diminishes,” LMC senior vice president Jeff Schuster said in a statement. “Consumers do not appear phased by headwinds from Washington, as growth in auto sales are outperforming earlier expectations.”
Last month auto sales in the US increased 3.7% to 1.2 million units and the full year of sales is expected at 15.38 million. Auto sales have seen a steady increase since 2009, as many customers were pushed into a new purchase by the age of their cars, which has reached an average of 11 years.