As 2013 rolls on, many wonder if Texas will see continual economic growth as the months move ahead after a positive looking 2012. One of the biggest determining economic factors at the moment is automotive sales. After all, when auto sales seem to rise, it shows a sign that households have more money to spend on both new and used vehicles.
2012 Texas Auto Sales
According to a recent report by the Star-Telegram, Texas had a fantastic 2012 in terms of automotive sales. North Texas reportedly saw an overall rise of vehicle sales by 15.9 percent compared to 2011. Total vehicle sales numbered just over 332,000 and industry experts say that this has been the best overall growth the Texas auto industry has seen within the past five years.
So what exactly do these rising auto sales mean for Texas’s economy? CBS DFW recently put out an article that interviewed an auto dealership owner. He says that the growth in auto sales indicates that the people of Texas are feeling much more positive about the future, thus shopping for new vehicles to call their own at the best car dealer in Texas. However, positivity alone is not what is continuing to drive vehicle sales. Home prices, low rate mortgages, and home sales are all seeing increases which experts say are causing people to purchase vehicles, as well.
Did Auto Sales Help The US Economic Recovery Process?
The Washington Post back in December noted that US auto sales are what helped to “save” the economy this past year. Kelley Blue Book says that new vehicle sales in 2012 totaled 14.5 million. This has been the highest number of vehicles sold since the 2007 financial crisis
During the first half of 2012, 30 percent of growth in the economy was due to vehicle purchases by consumers; among those were many Texas civilians that were looking for the best car dealer in Texas for their new vehicle. With this huge growth in the number of vehicles purchased, which models were the clear winners? Bloomberg says that, in the luxury car sales, BMW beat out Mercedes for the top spot. Within the month of December, BMW sold a total of almost 38,000 of their 5-Series, which was a 72 percent boost compared to the previous month.
Other major automotive companies like Ford, General Motors, and Chrysler all saw strong sales increases within the month of December, which industry experts say is one of the many signs that indicate 2013 will be an even stronger year for the auto industry. With many experts predicting that 2013 may see an additional 10 percent growth in automotive vehicle sales, Texas, as well as the US economy, should…
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John Shelton is a self-proclaimed car buff that enjoys writing about the latest trends in the auto industry.