Business seemed strong for an auto body shop in Parker, CO like Parker Auto, or an auto mechanic in Denver, as the number of new and used car sales in the state rose between January and November 2017.
A Colorado Automobile Dealers Association (CADA) report showed that a growing migrant population helped in boosting demand for vehicles. The industry sold more than 193,000 new cars and over 208,000 second-hand vehicles in the first 11 months.
CADA President Tim Jackson said that the growth in car sales indicates a strong auto industry in Colorado, both for new and used vehicles. This would not have been possible without the inclusion of nearly 77,060 new residents between July 2016 and July 2017, according to U.S. Census Bureau data. Net migration accounted for more than 46,800 people.
Many of those who bought new vehicles chose light trucks, including SUVs, following the damages caused by a hailstorm that hit Denver in May last year, Jackson said. New SUVs also remain in demand across the nation, despite the end of the auto industry’s growth streak.
Autodata Corp. said that car sales in the country reached 17.2 million units in 2017, down 2% year over year. The decline marked the end of a seven-year growth streak since 2009, which has been beneficial for car makers such as General Motors, Toyota and Ford.
However, the decrease for the year led the three companies to register a 1% year-over-year decline in sales. Still, the general outlook for 2018 remains positive due to low unemployment and improving consumer sentiment.
The strong level of sales for car sales in Colorado indicates a bright outlook for 2018. Even if nationwide sales dropped in the previous year, auto sellers might expect a stable demand from Americans. Do you think that this year is a good time buy a car?