The Los Angeles Times is reporting that U.S. Carmakers posted the best monthly sales in over five years. All in all, dealers sold 1.4 million vehicles in March. In August of 2007, sales were at 1.47 million vehicles.
Compared to last March, the sales total for this year was 12.7 percent ahead of last years same monthly quota. According to Autodata Corp., the new annual sales pace for American vehicles is 14.4 million.
So why the sudden increase in cars being sold? According to industry executives, the market began to pick up in early September, the unemployment rate trickled down and there was easier credit.
In fact, many people are beginning to trust the economy and they feel that is's appropriate to spend money on cars again. David Pool, a freelance advertising copy writer in Albuquerque replaced his old 2005 Toyota with a brand new Prius V station wagon.
"The recession resulted in us holding on to our first Prius longer than we would have in the past with our other cars. We felt overdue," Pool said. "Our confidence in the economy is rising, probably along with everyone else's."
The swell of buyers even caused auto analyst Jesse Toprak of auto information company TrueCar.com to raise the annual sales prediction to 14.5 vehicles, making 2012 the best year for car sales since 2007 when Americans bought 16.3 vehicles.
As for job creation, according to the Center For Automotice Research in Ann Arbor, Michigan, total employees in United States auto plants could reach 650,000 by the end of the year, a 10 percent increase since 2011.