2002 Auto Sales Off to Solid Start, as Economy Recovers.Business Editors MCLEAN, Va.--(BUSINESS WIRE)--April 11, 2002 New car and light truck sales continue to roll along at a healthy pace, despite lingering economic and global uncertainty, boosting prospects that year-end sales will top the 16 million mark. First-quarter 2002 sales fell only 4.5 percent from the same period in 2001 -- the second best year in auto retailing history. The surging popularity of crossover utility vehicles (CUVs) -- hybrids of sport-utility vehicles and traditional cars -- has been a driving force in the year's successful start. CUV CUV Crossover Utility Vehicle (automobile) CUV Certified Used Vehicle (General Motors) CUV Compact Utility Vehicle CUV Commercial Utility Vehicle CUV Combat Utility Vehicle sales notched gains of 16 percent over the first quarter of last year and 24 percent over March 2001's totals. Positive signs in a gradually recovering economy bode bode 1 v. bod·ed, bod·ing, bodes v.tr. 1. To be an omen of: heavy seas that boded trouble for small craft. 2. well for new-car and light truck sales through the balance of 2002, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. National Automobile Dealers Association (NADA) Chief Economist The Chief Economist is a single position job class having primary responsibility for the development, coordination, and production of economic and financial analysis. It is distinguished from the other economist positions by the broader scope of responsibility encompassing the Paul Taylor
"With job creation starting to rise, the market is broadening for auto sales Auto Sales The major producers of domestic automobiles report sales monthly. These numbers are seasonally adjusted by the U.S. Department of Commerce and are available to the public one to five business days after the end of each month. ," said Taylor. "In addition, concerns about disproportionate hikes in interest rates by the Federal Reserve are starting to fade - and that's good news for car shoppers and our industry." Steadily rising fuel prices, in part related to ongoing hostilities in the Middle East, may already be having an impact on consumer purchasing patterns. Taylor notes that consumers are increasingly attracted to fuel-efficient vehicles, as evidenced by the growing popularity of CUVs. Fuel-saving hybrid drivetrains with both an electric motor and gasoline engine gasoline engine: see internal-combustion engine. gasoline engine Most widely used form of internal-combustion engine, found in most automobiles and many other vehicles. are scheduled for future CUVs. "Gasoline prices have already risen 23 percent, and may be up by 30 percent in the coming months," said Taylor. "When fuel prices increased by 30 percent in 1997, more car buyers opted for four-cylinder vehicles. We are likely to see the same trend in coming months, and CUVs and hybrid drivetrain vehicles will become even more popular. New, more efficient V6 engines are also in demand." The National Automobile Dealers Association represents more than 19,500 franchised new car and truck dealers holding nearly 40,000 separate franchises, domestic and import. |
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