Steel Products

NADA: 2018 Auto Sales to Hit 16.7 Million

January 15, 2018

The National Automobile Dealers Association (NADA) predicts 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 sales forecast, while down from 2017, is indicative of a stable and healthy market for new vehicles this year, particularly for light trucks, SUVs, crossovers and pickups.

According to NADA senior economist Patrick Manzi, the vehicle segment mix will continue to favor light-truck sales in 2018, accounting for more than 65 percent of sales.

Manzi said that the overall economic outlook for 2018 remains strong with projected gross domestic product growth at 2.6 percent, average employment growth at about 180,000 jobs per month, and the price for regular-grade gasoline at about $2.50 per gallon.

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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, he added.