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NADA: April Auto Sales Continue to Lead Economic GrowthBack

NADAFuture auto sales are backed by strong economic tailwinds.

Falling gasoline prices and continued pent-up demand have spurred spending on new cars and light trucks, with average retail transaction prices rising more than 3 percent in the first quarter compared to the same period a year ago, says the National Automobile Dealers Association. The average retail transaction price for a new vehicle was $33,189 through the first quarter. NADA has forecasted sales of 16.94 million new-light vehicles for 2015. “The automotive-retailing sector is continuing to outpace growth in the overall U.S. economy,” said NADA Chief Economist Steven Szakaly. “Economic and employment growth were slower than expected in the first quarter but vehicle sales remain strong.”

Source: NADA

Posted by Sue Robinson on 08/05/2015