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Automotive Sales Up In June and July- Expected To Remain Strong Throughout 2013

Aug 08, 2013

Automotive sales were up 1.8% in June, the biggest gain since November 2012, accounting for 20% of all U.S. retail spending during the month. According to analysts, when July automotive sales are finalized, they could push the 2013 sales pace to 16 million vehicles. Discounting and incentives are causing some of the continued bump in sales.J.D. Power & Associates predicts that sales will approach levels not seen since before the 2008-2009 recession. A large fleet of older vehicles that need to be replaced, stronger pickup truck sales linked to a growing construction industry and improving consumer confidence have helped spur auto sales so far this year. As the economy continues to slowly improve, demand should remain high as more and more consumers are able to replace their aging vehicles.While J.D. Power has raised its annual sales forecast to 15.6 million, if 2013 auto sales manage to break 16 million nationally, it would represent the highest annual sales rate since 2007, when the industry sold 16.1 million vehicles. In comparison, auto sales fell to 10.4 million in 2009, just four years ago.