“The news is even more positive than the overall numbers imply, as individual car buyers, not fleet sales, are behind the surge,” Edmunds senior analyst Michelle Krebs said in a USA Today article.
The recovering economy and improving consumer sentiment has pushed consumers to purchase a new vehicle after holding off in the wake of the recession.
“Right now, based on three years of pent-up demand, an aging national car fleet, artificially low interest rates and some glimmers of hope that the economy is really developing some momentum, the auto industry is out-performing the growth of the overall economy,” Jack Nerad, executive editorial director and market analyst at Kelley Blue Book, said in the USA Today article.
First Trust NASDAQ Global Auto Index Fund
For more information on the auto industry, visit our automobiles category.
Max Chen contributed to this article.