Auto industry sales highest since 2008
Auto industry car sales are at its highest since 2008, according to a report from truecar.com
New car and truck sales in 2011 have hit their highest level since 2008, pumping confidence into the industry for hopes of an even better 2012, the Detroit Free Press reported.
Sales in 2011 are expected to top 12.8 million, the highest since 2008, when the financial crisis helped trigger the collapse of the US housing market. Car sales dropped to just 13.2 million that year and then to 10.4 million in 2009.
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According to a report by TrueCar.com, released on Tuesday, the projection means that manufacturers could sell 1.2 million more vehicles this year than in 2010, when the industry only sold about 11.6 million, the Detroit Free Press reported.
"This year was absent of a blockbuster sales month, but we see this pace of growth as healthy and sustainable in the coming year where the industry is going to sell nearly 14 million units based on the merits of its products and improved economy," said Jesse Toprak, vice president of industry trends and insights for TrueCar.com, the Wall Street Journal reported.
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J.D. Power and Associates forecasts that total industry sales will be about 12.7 million in 2011 and 13.8 million next year, USA Today reported. Edmunds.com projects 2011 will close at 12.8 million sales, and 2012 will see 13.6 million sales.
Every major automaker except Honda Motor Co. and Toyota Motor Corp. saw higher sales in 2011, TrueCar.com said, as reported by the Journal. Hyundai Motor Co. and Kia Motors Corp. are expected to have the biggest increase in sales with almost 28 percent.