US Auto Sales “Remarkably Resilient” Despite Economic News, Other Challenges

Location: Woodland Hills
Author: Laura Drummond
Date: Tuesday, December 13, 2011

Auto sales in the third quarter of 2011 prove that the auto industry is continuing to improve from recession-era declines, according to Great American Group.
“Despite trying economic conditions, as well as international turmoil and difficult weather, auto sales have proved to be remarkably resilient. Industry experts have been fairly optimistic regarding recent automotive sales trends.”
Analysts with Great American Group, a leading provider of asset disposition, valuation and appraisal services, say that despite a number of challenges – including the European economic crisis, the east coast hurricane, the Standard & Poor downgrade of the U.S. credit rating and small car supply constraints in Japan -- year over year auto sales improved in August, September and October.
“In October, new car sales totaled 1.02 million units, a seven percent increase from October 2010,” said Great American Group National Sales & Marketing Director Mike Marchlik. “Despite trying economic conditions, as well as international turmoil and difficult weather, auto sales have proved to be remarkably resilient. Industry experts have been fairly optimistic regarding recent automotive sales trends.”
On an individual level, Marchlik says the best performers in October were Chrysler and Hyundai. Chrysler’s sales improved 27 percent over 2010 levels, primarily driven by new products, improved marketing and the growing popularity of existing models. Driven largely by an improvement in supply, Hyundai’s sales increased 22 percent in October compared to October 2010.
Great American Group Analysts also note that consumer purchasing trends have finally begun to stray from small vehicles, where they’ve been focused for more than a year. Although the small car market remains strong, consumers are beginning to increase purchases of SUVs and full-size pickups. Compared to 12 months before, October sales were up for the Ford F-Series, Chevy Silverado, Dodge Ram and GMC Sierra.
Appraising billions of dollars in assets annually, Great American analysts and appraisers provide accurate and dependable reports for asset-based lenders, turnaround management professionals, accountants and private equity firms across the world. The company conducts more than 1,000 appraisal reports each year – representing more than $190 billion in assets over the last 24 months.

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