The National Automobile Dealers Association (NADA) recently released its U.S. sales forecast for 2018, predicting16.7 million new cars and light trucks will be sold.
NADA also forecasts employment growth and gross domestic product will be high while gasoline prices will be low.
Used car sales are forecasted to be 15.3 million vehicles in 2018 thanks to off-lease vehicles returning to dealerships.
“Every dealer in America, myself included, would be thrilled with a seasonally adjusted annualized rate of above 16 million,” NADA Chairman Mark Scarpelli said. “Because it means that, one, the market is stable, and two, that demand is still healthy. And both factors are true in this case. We are looking at a stable market where demand – particularly for light trucks, SUVs and crossovers – continues to be very healthy.”
NADA said the industry is on track to reach 17.1 million new vehicle sales this year. This is only slightly less than 2015’s and 2016’s sales figures and is in line with an earlier NADA forecast.
Light-trucks will be nearly 64 percent of new light-vehicle sales this year, and is forecasted to be more than 65 percent of sales next year.
Used car sales for 2017 are expected to reach 15.1 million vehicles.