The National Automobile Dealers Association today said that 16.4 million new cars and light trucks would be purchased or leased in the U.S. this year, a 5.1% increase from 2013. Last year, 15.6 million new light vehicles were sold in the U.S. for the fifth straight year of a long, slow recovery from the global financial crisis and the bankruptcies of Chrysler and General Motors.
“Consumers will be far better off in 2014 than last year,” says NADA Chief Economist Steven Szakaly. “Employment is improving. Debt has been reduced, and home prices across all regions of the country will remain stable or will rise, yielding a positive wealth effect.”
“Growth would have been stronger in 2013 without a series of contentious fiscal crises in Washington and a federal government shutdown last fall.”
“There is considerable upside potential in 2014 as economic activity is expected to increase as the year progresses,” he says. “Gross domestic product will grow about 2.8% this year, stability in housing with concurrent growth in employment and manufacturing all lead to a positive outlook for 2014.”
Szakaly added that employment, particularly in the construction, services industries, will improve this year, and a continued moderation in gasoline prices and improvements in the housing market will help to offset stagnation in wages and income in 2014.
About Ken Zino
Ken Zino, editor and publisher of AutoInformed, is a versatile auto industry participant with global experience spanning decades in print and broadcast journalism, as well as social media. He has automobile testing, marketing, public relations and communications experience. He is past president of The International Motor Press Assn, the Detroit Press Club, founding member and first President of the Automotive Press Assn. He is a member of APA, IMPA and the Midwest Automotive Press Assn.
He also brings an historical perspective while citing their contemporary relevance of the work of legendary auto writers such as Ken Purdy, Jim Dunne or Jerry Flint, or writers such as Red Smith, Mark Twain, Thomas Jefferson – all to bring perspective to a chaotic automotive universe.
Above all, decades after he first drove a car, Zino still revels in the sound of the exhaust as the throttle is blipped during a downshift and the driver’s rush that occurs when the entry, apex and exit points of a turn are smoothly and swiftly crossed. It’s the beginning of a perfect lap.
AutoInformed has an editorial philosophy that loves transportation machines of all kinds while promoting critical thinking about the future use of cars and trucks.
Zino builds AutoInformed from his background in automotive journalism starting at Hearst Publishing in New York City on Motor and MotorTech Magazines and car testing where he reviewed hundreds of vehicles in his decade-long stint as the Detroit Bureau Chief of Road & Track magazine. Zino has also worked in Europe, and Asia – now the largest automotive market in the world with China at its center.
