Steel Products
NADA: 2018 Auto Sales to Hit 16.7 Million
Written by Tim Triplett
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.
{loadposition reserved_message}
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.
Tim Triplett
Read more from Tim TriplettLatest in Steel Products
Asian HR remains much cheaper than US, EU product
Domestic hot-rolled (HR) coil prices were flat this week after declining seven of the last nine weeks. Offshore prices have also eroded in recent weeks, though not nearly as significantly as in the US.
Galv buyers less optimistic about short-term market
“It was a little more of a seller's market as contractors seemed to be protecting themselves against a potential run up in prices," one buyer said.
SMU flat-rolled market survey results now available
SMU’s latest steel buyers market survey results are now available on our website to all premium members. After logging in at steelmarketupdate.com, visit the pricing and analysis tab and look under the “survey results” section for “latest survey results.” Past survey results are also available under that selection. If you need help accessing the survey results, or if […]
US, offshore CRC prices continue to fall
US cold-rolled (CR) coil prices were down again this week, slipping six weeks in a row and seeing the sharpest drop-off since last July.
Asian HR remains much cheaper than US, EU product
Domestic hot-rolled (HR) coil prices fell this week, now down seven of the last eight weeks.