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Used Car Sales Set to Increase in 2018

Used Car Sales Set to Increase in 2018 Featured

  The National Automobile Dealers Association predicts a slowdown in new-car sales next year, but an increase in used-car sales for franchise dealers. The NADA expects sales of 16.7 million new cars and light trucks in 2018.   “We expect 2018 to be a robust year,” said NADA Chairman Mark Scarpelli, a multi-franchise dealer near Chicago. “NADA’s 2018 auto sales forecast is indicative of a stable, healthy market for new vehicles.   “Every dealer in America, myself included, would be thrilled with a seasonally adjusted annualized rate of above 16 million.” Scarpelli said 2017 sales are on pace for 17.1 million new cars and light trucks, in line with NADA’s original forecast of 17.1 million, which would mark only a slight decline from the back-to-back record setting years of 2015 and 2016. NADA senior economist Patrick Manzi said rising interest rates, ever-increasing loan terms and higher vehicle transaction prices will likely lead to a slower but still strong sales pace in 2018. In addition, NADA forecasts that new-car dealerships will retail 15.3 million used vehicles in 2018, compared to an expected 15.1 million used sales in 2017. The total used-vehicle market will exceed 40 million retail sales in 2018. “The influx of off-lease vehicles returning to dealerships is likely to put pressure on new-vehicle sales,” Manzi said. “However, the mix of these late-model vehicles will favor light-trucks more than past years and should be more in line with present consumer demand.”  
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