Auto Sales for 2016 Hit Record High
Auto sales hit an all-time high in 2016 with 17 and a half million vehicles sold.
A consulting firm reports that automakers sold a record number of cars in the U-S last year.
Officials with LMC Automotive say the record marks about three years of sales of more than 17 million vehicles.
But the Senior Vice President of Forecasting for the firm, Jeff Schuster, predicts there will be only moderate growth in auto sales this year.
“There are a lot of variables including President-elect Trump coming in and impact on the auto industry. But also interest rates are rising and the economy looks like it’s improving,” Schuster says.
Schuster says last year’s record is still only about a half percent increase over sales in 2015.
He attributes the sales increase to incentives offered by car companies and consumer demand for SUV.
Related: U.S. Consumers Bought More Cars and Trucks Than Ever in 2016.
