Chicago, IL (PRWEB) November 03, 2011
The professionals at RightWay Automotive Credit - the leading place to get a new or used car loan in Chicago - are excited about reports of new car sales increasing for the first time since 2009 as consumer demand for new and used vehicles increases.
TrueCar.com, a company that tracks new car pricing, trends and forecasting, recently released their October 2011 sales and incentives forecast. Here are some of their key predictions and findings.
● October 2011 forecast translates into a Seasonally Adjusted Annualized Rate (SAAR) of 13.4 million new car sales, up from 13.1 million in September 2011 and up from 12.2 million in October 2010
● Retail sales are expected to be up 9.8 percent compared to October 2010 and down 0.5 percent from September 2011
● Fleet and rental sales are expected to make up 20 percent of total industry sales in October 2011
● Used car sales are estimated to be 2,741,442, up 5.7 percent from October 2010 and down 15.1 percent from September 2011. Used car sales figures include sales from franchise dealerships, independent dealerships and private party sales
"Consumers are no longer dragging their feet on new vehicle purchases as they feel the economy is moving in the right direction, " said Jesse Toprak, Vice President of Industry Trends and Insights for TrueCar.com. "This will be the fifth straight month where SAAR will rise and the highest we've seen in over two years."
TrueCar.com bases its forecast on actual transaction data. The transaction data based forecast is refined by other current and historical factors that impact vehicle sales, including: sales, inventory, incentives, fuel prices, and macro economic data (major stock market indexes, consumer confidence, new home starts, and CPI). TrueCar.com does not adjust for selling days in year-over-year percentage change calculations.
"Japanese automakers have seen substantial improvement in inventory this month and buyers are responding to the better availability of product as well as higher incentives," said Kristen Andersson, Automotive Analyst at TrueCar.com.
Locals who want to learn more about getting a great bad credit car loan in Chicago for a new or used vehicle should stop in at RightWay Automotive Credit. Their sales team is professional, friendly, and available to answer any questions consumers might have about the car loan process.