Equifax Inc. reported recently that new credit for auto loans reached an eight-year high in January and February 2013, as calculated by total dollar amounts loaned. For that two month period, new auto loans were 70% higher than in the same period in 2009. Equifax reports that 2.5 million auto loans were made in this same two month period. Equally impressive, the rate of severely past-due auto loans dropped to 1.75% – over 15% lower than a year ago.
Additionally, pickup truck sales in May increased 8.2 percent from May of last year. The increase demonstrates a spring surge in construction and other industries. The sales have not only been for the home construction industry, but also for small businesses. Increased sales of pickup trucks also helped to push up the average price of vehicles sold by 2% compared to last year according to estimates by TrueCar.com.
The Auto industry is often a key indicator of the economy as a whole and these promising statistics point upward!