Bloomberg: Auto Sales Begin to Cool, But They Might Not Have Been Too Hot in the First Place
05/04/2017 - In the last few years, auto production has been a sustaining end market for steelmakers. But now, demand for cars and trucks might be starting to cool, as has been expected, reports the Bloomberg news service.
According to Bloomberg, the American auto industry is on pace to record its first decline since 2009. More importantly, though, the news service questioned the strength in the market in the first place.
"If vehicle purchases per million driving-age Americans were the same as in 2000, the industry would be selling almost 20 million new light vehicles a year -- well beyond last year’s record of just under 17.6 million," Bloomberg said.
“Honestly, the average American doesn’t come into a new-car dealership,” Steven Szakaly, the National Automobile Dealers Association’s chief economist, told the news service. “We’re only selling new cars to about 5% of the U.S. population.”
Bloomberg has the full story here.
"If vehicle purchases per million driving-age Americans were the same as in 2000, the industry would be selling almost 20 million new light vehicles a year -- well beyond last year’s record of just under 17.6 million," Bloomberg said.
“Honestly, the average American doesn’t come into a new-car dealership,” Steven Szakaly, the National Automobile Dealers Association’s chief economist, told the news service. “We’re only selling new cars to about 5% of the U.S. population.”
Bloomberg has the full story here.
