The economic news remains mixed, but that hasn’t slowed car buyers down in July.
With another weekend to go, industry analysts say sales remain comparatively strong and it is consumers who are fueling the industry. No, this isn’t the roaring market of decade ago, but it is healthy by post-recession, sluggish-growth standards.
Market research firm J.D. Power & Associates estimates that new-vehicle retail sales will reach about 969,200 units this month. While that’s a slight dip from June it still represents an 18% gain from a year ago.
“Retail sales got off to a fast start in July, and while they’ve slowed down a bit as the month has progressed, through the first 16 selling days, they’re still up 15.1%, compared to July 2011,” said John Humphrey, senior vice president of global automotive operations at J.D. Power & Associates. “The positive growth has continued to build, as July is looking strong across most vehicle segments, as well as for many of the major manufacturers.”