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U.S. Auto Industry Booming - 11/30/15

If you’re driving to work, you might be noticing a lot of new cars on the road.  The U.S. auto industry is on track for a record year in sales.  Based on WardsAuto figures, U.S. auto sales are on pace to end two thousand and fifteen topping the year two thousand record of seventeen point four million vehicles sold. 

In October, auto sales totaled eighteen point two million on a seasonally adjusted annualized basis, which represents the highest level since October of two thousand and one when automakers began offering zero percent financing in the aftermath of the September eleventh attacks of that year. 

Auto sales this year are up by nearly fourteen percent on a year ago basis.  As reported by Reuters, in two thousand and nine, U.S. auto sales dipped to just ten point four million vehicles.  You may be seeing a lot of new Chevys and Buicks out there – GM’s sales are up sixteen percent over the past year while Ford’s are up by thirteen percent. 

Fiat Chrysler automotive sales are up by fifteen percent, Toyota’s by thirteen percent, Honda’s by nine percent and Nissan’s by nearly thirteen percent.  Volkswagen sales are not up on a year over year basis.

Anirban Basu, Chariman Chief Executive Officer of Sage Policy Group (SPG), is one of the Mid-Atlantic region's leading economic consultants. Prior to founding SPG he was Chairman and CEO of Optimal Solutions Group, a company he co-founded and which continues to operate. Anirban has also served as Director of Applied Economics and Senior Economist for RESI, where he used his extensive knowledge of the Mid-Atlantic region to support numerous clients in their strategic decision-making processes. Clients have included the Maryland Department of Transportation, St. Paul Companies, Baltimore Symphony Orchestra Players Committee and the Martin O'Malley mayoral campaign.