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Lower 2012 Car Sales in Europe, America, Predicts PwC
October 30, 2012
By Michael Foster, Big4.com Blogger
PwC estimates that 2012 will see 1.99 million new car sales in the United Kingdom by the end of the year, with car sales falling at the end of the year. According to the Big4 firm, car registrations are probably going to fall by 4.9% to 360,000 cars. Last year, 378,000 cars were sold in the same period in Britain.
At the beginning of 2012, PwC estimated a total of 1.9 million new cars would be sold in the UK as macroeconomic conditions continued to put pressure on car buyers. Speaking in December 2011, Senior PwC Analyst Michael Gartside said “we feel that the increasing risk of recession within the UK, with declining consumer spending, is likely to push the UK new car market below 1.9m units in 2012″ while they predicted near double digit declines in car sales in continental markets such as France and Spain.
Meanwhile, PwC forecasts 14.5 million car sales in the United States in 2012. Analyst Kevin Roberts said that the market remained challenging, but still profitable. “There is still room for growth in the light vehicle auto market, and opportunities exist within the profitable subprime market,” he said of the study’s findings. PwC also expects the auto loan market to be affected, with subprime auto loans taking a larger portion of car loans in the country.
Car sales in the United States have faced slower growth for several years as more Americans choose public transport and public transport infrastructure expands across the nation. PwC, through its subsidiary Autofacts, offers several proprietary research services covering the car industry.