Pent-up consumer demand and greater access to credit are amongthe factors fueling vehicle sales these days.
|NAFCU Staff Economist Curt Long offered that analysis in theMacro Data Flash report on vehicle sales in March.
|“Many consumers are trading in their older, gas-guzzlingvehicles for more fuel-efficient models. The share of subprimeauto loans has been picking up steam lately,” Long wrote.
|Vehicle sales came off a four-year high in March but stillmanaged to maintain a healthy level, according to the report.
|Part of February's surge was due to favorable seasonaladjustments; on an unadjusted basis, sales increased in the monthof March, NAFCU said.
|Fleet sales are on also on the rise, with healthy corporateprofits providing a stimulus, the report noted.
|“With the employment market on the mend and loosening lendingstandards, vehicle sales are expected to remain near their current levelthroughout 2012,” Long said.
|According to NAFCU, five of the six biggest automakers reportedincreases in their year-over-year sales numbers. Chrysler reportedthe strongest gain in sales at 34%, followed by Toyota (15.4%),Nissan (12.5%), General Motors (11.8%), and Ford (5%). Hondareported a year-over-year sales decline of 5%, the data showed.
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