US Auto Sales Are On Pace For The Strongest November Ever

Posted: Nov 30 2016, 11:49am CST | by , Updated: Nov 30 2016, 8:41pm CST, in News | Cars & Vehicles

 

US Auto Sales are on Pace for the Strongest November Ever
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  • 2016 expected to have the strongest auto sales in November ever
 

Forecasters are predicting the month will break the streak of auto sales decline of the last three months.

November 2016 may have the strongest auto sales ever. The pace with which consumers are buying cars this month may even break the declining streak of the past three consecutive months. If the car sales continue, 2016 may even be able to cross the number of total cars sold in 2015.

The reason for sales spikes can be attributed to huge promotions over the Thanksgiving weekend. According to Kelley Blue Book and Barclays Capital analyst Brian Johnson as a whole, the sales from all these days have pitched car sales 4% above than in November 2015. 

On the other hand LMC Automotive is expecting a projected 5 percent increase, while Edmunds.com’s prediction stands at an estimated a 2.7 percent gain in car sales for November 2016.

The average of the forecasts predicts a car sale rate of 17.6 million to 17.9 million, which will be seasonally adjusted. Jessica Caldwell, the executive director of industry analysis Edmunds. Com stated, its no surprise November’s strong sales performance was reached shortly following when the Dow Jones average reached an all-time high.

Another reason for the sales spike is the end of the presidential election. Since shoppers have now dealt with the result and after the dust settled they opted to buy cars due while keeping an eye on the economy.

The end of the election also gave consumers extra motivation to make big-ticket purchases. If the sale rates continue then the end of December will show a new annual record for the year of 2016, according to AutomotiveNews.

Automakers will submit their reports of November sales on this coming Thursday and all forecasters are predicting it will easily surpass the previous record of 1.33 million sales set back in 2001.

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