To nobody’s surprise, 2020 was a rough year for the auto industry. Sales were noticeably lower than in previous years. However, experts predict that auto sales will be making a comeback this year.
A recent article from CNBC cited data from Cox Automotive which showed that 14.5 million vehicles were sold last year, a decrease of 14.8% from 2019. However, many prognosticators optimistically predict that sales will grow this year between 7.6% and 10.3% over last year’s numbers. Cox Automotive and LMC Automotive foresee 15.7 million vehicles being sold, while Toyota Motor and IHS Markit predict that figure will leap as high as 16 million.
Patrick Manzi, chief economist at the National Automobile Dealers Association, said, “While the coronavirus was something that no one in the auto industry expected, the industry rallied and adapted to the new state of play. Looking forward, we are optimistic about the continued recovery of the new light-vehicle market.”
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