DETROIT— Despite tepid economic growth, it is expected that new light vehicle sales will reach 14.5 million in the U.S. in 2012, and moderately increase in 2013, according to new data from PwC’s Autofacts. PwC’s Autofacts attributes this growth to factors including the return of automotive financing and subprime loans, coupled with pent-up demand from an estimated 11 million consumers who have deferred their purchases of new vehicles.
“There is still room for growth in the light vehicle auto market, and opportunities exist within the profitable subprime market,” said Kevin Roberts, lead North American analyst, PwC’s Autofacts. “Subprime consumers make up more than 35 percent of the U.S. population, but only 25 percent of new auto loans,” continued Roberts. “Outside of contraction caused by euro zone issues, the U.S. auto market should be well-positioned for further growth as sales return to normal and more consumers find readily available financing.”
For more details about the current U.S. auto finance market and to download the full September PwC Analyst Note, visit www.autofacts.com.
