Auto sales were up 1.8% across the board through the first half of the year, and that June’s year-over-year numbers are up by about 5%.
The Associated Press reports that higher gas prices, rising interest rates or confusion around tariffs could slow things down. Auto industry analysts point to strong consumer confidence and low unemployment numbers in the United States as the boost behind the numbers.
Trucks and SUVs tightened their stranglehold on sales dominance, making up 68% of the market in June as car sales continued to drop.
“Consumers are benefiting from a solid labor market, eschewing concerns about rising gas prices and tariff threats, driving the market for cars and trucks, with crossovers continuing to dominate the market,” Rebecca Lindland, Kelley Blue Book executive analyst, said in a statement.
“OEMs are keeping showrooms fresh, with a trifecta of beautiful products offering the very latest technology with appealing financing keeping consumers coming into dealerships and driving away with new vehicles.”
With rising interest rates, a possible trade war and President Donald Trump’s proposed tariffs, auto sales could falter in 2018’s second half. One thing that could keep numbers propped up is the fact that major automakers are willing “to spend to keep their share of the market,” the Associated Press reported.
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