Carmakers operating in the United States, the world’s second largest auto market, have enough reasons to celebrate 2014 – the fifth year in a row to show signs of growth.
The US has seen a swift recovery in the aftermath of the latest economic crisis that led to the government-supported bankruptcy of General Motors and Chrysler – with year-end sales expected to reach the best pace in years. The automakers – and their investors as well – have another main reason to celebrate, the falling gas prices has triggered another pickup truck and SUV buying spree, and these vehicles tend to bring home more cash than passenger cars. US buyers purchased more pickups, minivans and sport utility vehicles than passenger cars every month in 2014 – and that’s a situation not enjoyed by the carmakers since 2004.
Abundantly available credit, cheap gas, coupled to great lease deals have spurred up confidence among US consumers, and they opted to purchase big-ticket items such as the hot-selling Ram 1500 pickup or luxury SUVs such as the Cadillac Escalade. The full-year total of new car sales is expected to hit 16.5 million units, a 58% increase since 2009 and very close to the 2000-2007’s period average of 16.8 million vehicles.