US Vehicle Sales Break Record For Second Consecutive Year
2016 was another record-breaking year for US auto sales. The Washington Post reported that about 17.5 million vehicles were sold throughout the US in 2016, an “increase of less than half a percent over the record set in 2015.” According to USA Today, Ford had its best sales year in a decade, selling more than 2.6 million vehicles, while GM and Fiat Chrysler saw a 1.8 percent increase and no change, respectively. The New York Times reported that the US auto industry “sold 1.69 million vehicles during the month of December, an increase of about 3 percent from the same period a year earlier, according to the research firm Autodata.” According to a second USA Today article, compared to sales for December 2015, GM reported US sales growth of 10 percent selling 319,108 vehicles for the month, and Ford posted a sales gain of 0.3 percent to 239,854 units. Bloomberg News reported that Fiat Chrysler’s US sales fell 10 percent in December, compared to a year earlier, to 192,519 units as it continued to reduce dramatically its previously heavy reliance on fleet sales. However, a separate Bloomberg News article said that the 10 percent drop was still better than the projected 14 percent decline expected after Fiat Chrysler discontinued its compact and mid-size sedans.
What This Means For Small Businesses
Small businesses have been looking for signals that the US economy is on the right track. Consumers are clearly feeling greater confidence in the economy, as they’ve begun to make larger purchases like cars in the past two years. With 2016 breaking US vehicle sales records once again, it seems Americans are poised to spend, which will benefit businesses large and small.
Note: this article is intended to keep small business owners up on the latest news. It does not necessarily represent the policy stances of NFIB.