So far, 2015 is proving to be a promising year for U.S. auto sales.
May was a phenomenal month for auto sales and June has followed suit. Forecasters predict that this has been the best spring for U.S. auto sales in a decade with an industry wide gain of about 5 percent.
Forecasters at LMC Automotive and Kelley Blue Book each raised their full-year sales forecasts to 17.1 million, matching TrueCar. Sales are on pace to surpass 8.5 million units in the first half of the year — marking the industry’s best first half and second quarter since 2005, when employee-discount-for-everyone deals caused a surge in demand.
“This is arguably the strongest and healthiest the auto industry has been in a very long time,” Jeff Schuster, senior vice president of forecasting at LMC, said in a statement.
“A green light outlook across a basket of metrics — including economic support, gas prices, the stock market, higher and stable transaction prices and significant product activity — is behind our forecast of a 17.1 million unit pace in the second half of 2015.”
LMC estimates consumer spending on new vehicles in the first half of 2015 to reach a record $206.2 billion, $11.6 billion more than the same period last year.