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By: Cesar Yepez, Marketing Manager
American voters re-elected Barack Obama to four more years in the White House, but what can the auto industry expect coming out of the election? While doing research, Edmunds has offered perspectives and they are below.
New car sales have hit post-recession highs so far this year and October brought more of the same, despite failing to meet forecasts due to the impact on sales from Hurricane Sandy. What's more, there are a growing number of signs that spending on new cars could well continue through the end of the year.
Edmunds Chief Economist Dr. Lacey Plache looks at the impact on consumer confidence and behavior:
"The election did not change the short term outlook for auto sales. Eliminating political uncertainty reduced one small headwind against spending but the major headwinds -- threatened tax increases and spending cuts at home, businesses reluctant to hire and a weakening global economy -- still remain.
The good news is that some forces in the near term expected to drive auto sales remain in play. Delayed and replacement sales from Hurricane Sandy, sales from an influx of lease terminations, and increased truck purchases due to the housing market recovery are still on the horizon. Higher consumer confidence will continue to boost as well.
All signs point to a positive Auto Outlook in the following year. We will continue to check trends and analysis, check back later for Q 1 results!