Feb 04, 2013 Philip Burgess
The automotive sector in the United States reported its best sales numbers in years in 2012, and that success is expected to continue into 2013.
"The U.S. has been a huge bright spot [in an uncertain global economy]," said Bob Schulz, managing director at Standard and Poor's, according to Automotive News.
The source reported that Americans bought 14.5 million new cars in 2012, a 13.4 percent surge compared to the year before. Meanwhile, experts foresee 2013 returning even more gains for the automotive sector, projecting increases ranging from 3.5 to 10 percent.
According to a report by PricewaterhouseCoopers (PwC), worldwide auto sales should continue to rise through at least 2019.
"Overall we estimate that the global automotive industry will prosper in 2013 from emerging market growth and remaining pent-up demand in the United States," said Rick Hanna, global automotive leader at PwC.
In 2013, total light vehicle assembly units are projected to rise 5.1 percent to more than 83 million and approach 110 million in 2019. Auto sales in the U.S. are projected to rise marginally in 2013 after an extremely successful 2012 campaign.
The automotive sector has kept debt collection agencies busy in recent months. Non-revolving debt, which includes auto and student loans, continues to drive consumer borrowing totals, according to multiple reports.