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Despite growing users of ride-sharing services like Lyft and Uber, the number of people that use bikes, public transportation or opt to walk to their destinations, the nation grew in vehicle sales as automakers report that 17.27 million vehicles were sold in 2018. That number represents an increase from 2017 and industry analysts believe all indications point to another year of sustained success in 2019 for automakers. Automakers are confident also, as they saw customers come in despite a rocky stock market, rising prices and interest rates that many thought would hurt the automotive market.
"Economic conditions in the U.S. are favorable and should continue to be supportive of vehicle sales at or around their current run rate," stated Ford Chief Economist, Emily Kolinski Morris
Expectations For 2019 Automotive Sales
The record of vehicle sales was set back just a couple years ago in 2016 with a similar number, 17.55 million total vehicles sold. Despite the Federal Reserve (FED) increasing the interest rate four times in 2018, the FED is expected to only increase rates twice in 2019.
Edmunds, an automotive site that informs consumers of pricing and information on many vehicles, expects prices for the average new vehicle transaction to be a record amount around $35,957 in December 2018. said that they predict that the total number of sales should be around the same amount, around 17 million. Auto interest rates have increased up to 5.6 percent in 2018, an increase from 4.8 percent in 2017. There’s been a change in recent years between the popularity of cars, versus SUVs and crossovers, but cars still hold a third of the market in terms of automotive sales.
2018 Sales Numbers Compared To 2017 Figures
Among the major players in the business, Ford and General Motors were down in 2018 losing 3.5 percent and 1.6 percent respectively, compared to their 2017 numbers. Toyota and Honda were also down slightly at 0.3 percent and 2.2 percent respectively. Not even Nissan, down 6.2 percent or Hyundai, 1.1 percent lower, could escape the wave of lackluster sales. However, two brands shined despite their competition hitting lower numbers.
The top brands that helped the automotive industry in 2018 included Fiat Chrysler Automobiles (FCA) gaining 8.5 percent of growth thanks to their Jeep and Ram brands. In total FCA increased their sales with a record number for Ram and Jeep as all combined they sold 2,235,204 vehicles altogether. Subaru and Volkswagen were up also, gaining 5.0 percent and 4.2 percent respectively. Want to help add to the numbers of 2019 sales?
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