In contrast to many struggling industries, the auto market has managed to dramatically increase its sales, jobs and product innovations thanks to better quality and bottled consumer demand.
Many potential car purchasers have been hesitant due to the recession, but showrooms are filling up again now that owned U.S. vehicles are more than ten years old, on average. According to experts, the volatile economy has also encouraged car buyers to feel more comfortable with large purchases.
“And that’s a big behavioral change from what we saw in ’08 and ’09. That’s good for the industry,” said Jesse Toprak of TrueCar.com.
Toprak added that vehicles sales are likely to reach $12.8 million this year, seeing as last year around 11.8 million cars and trucks were sold across the nation, to both businesses and private customers. Before the recession, more than 16 million vehicles were sold every year. Still, the slow but steady recovery of the industry has boosted U.S. economy, and especially the Great Lakes and Rust Belt regions.