The U.S. auto industry began the second half of 2015 with a stellar start.
According to the New York Times, Americans bought more than 1.5 million vehicles in July — a 5.3% growth from a year ago.
Additionally, the seasonally-adjusted annual rate rose to a stunning 17.55 million, up from 16.48 million last year, with sports utility vehicles and trucks making up the majority of new car purchases.
Overall, Americans are showing preferences for more luxurious vehicles, with many looking to buy a new vehicle thanks to widespread summer discounts aimed at getting rid of 2015 inventory. Americans are especially turning to smaller crossover SUVs that boast fuel-efficiency on par with sedans and cost much less than larger SUVs.
“It’s probably the easiest shift for someone who wants to trade up to an S.U.V. from a sedan,” Colin Langan, an equity analyst with the investment bank UBS, said.
Unsurprisingly, the amount of auto loans Americans are choosing to take out is also increasing. In July, auto buyers borrowed a record amount throughout the second quarter, bringing the total car loan debt up to $932 billion — nearly $1 trillion. According to CNBC, this is the largest increase in dollars borrowed since 2006. However, this debt is a good sign. It means the auto market is retaining its momentum while staying remarkably stable.
A growing number — approximately 15 million — of cars are actually sold over the Internet these days. The majority of these car purchases are interstate transactions; about 75% of cars sold on eBay were sold across state lines.
As a result, the auto shipping industry is expected to see massive growth as car sales continue to rise across the country. People will continue to seek out auto shippers as a safe, affordable and secure way to bring their cars from seller to buyers.
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