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SMALL BUSINESS
Auto consultant says US auto sales outlook rosier
AP
DETROIT -An automotive consulting firm is raising its forecast for 2010 U.S. auto sales, saying improved employment and auto lending numbers should translate to higher sales.
CSM Worldwide raised its forecast Wednesday to 11.8 million vehicles from 11.2 million vehicles. Sales at that rate would represent the first year-over-year increase in U.S. vehicle sales since 2005, when automakers sold 16.9 million vehicles.
CSM said it expects unemployment to peak in the first quarter of next year, then slowly improve throughout the year. Consumer confidence will grow as household finances and auto lending show improvement by the third quarter, the Northville-based company said.
By the fourth quarter, CSM forecasts the annualized vehicle selling rate will be 13.6 million vehicles. That rate shows what sales would be if they continued at the same pace for a full year.
CSM's U.S. sales forecast for 2009 remains unchanged at 10.1 million units, down 23 percent from 2008.
Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
2009-10-21 12:58:33
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