Along with the housing market, the United States car market is one of the few bright spots in the burgeoning American economic recovery. President Barack Obama highlighted strength in the car industry in his State of the Union address, and indicated that car manufacturers are a critical function in the economic equation.
Last year, 14.5 million vehicles were sold in the U.S., and projections for 2013 are coming in as high as 15.5 million. Sales results for February won’t be released until the end of the month, but leading auto industry information and forecasting firm TrueCar.com has released its forecasts, and hopes are high.
All told, TrueCar is forecasting total light vehicle sales in February to hit 1.2 million units, a 5.7 percent year-over-year increase and a 16.5 percent month-over-month increase. That volume translates into a seasonally adjusted annualized rate (“SAAR”) of 15.7 million new car sales for the year, which compares to a SAAR of 14.5 million in the year-ago period, and 15.3 million in January 2013.
Incentive spending is expected to average about $2,392, a 3.9 percent decrease year over year, but a 1.8 percent increase month over month.
Here’s a breakdown of TrueCar’s projections for some major brands…