DETROIT, Oct. 1, 2012 /PRNewswire/ -- Despite tepid economic growth, it is expected that new light vehicle sales will reach 14.5 million in the U.S. in 2012, and moderately increase in 2013, according to new data from PwC's Autofacts. PwC's Autofacts attributes this growth to factors including the return of automotive financing and subprime loans, coupled with pent-up demand from an estimated 11 million consumers who have deferred their purchases of new vehicles.
"There is still room for growth in the light vehicle auto market, and opportunities exist within the profitable subprime market," said Kevin Roberts, lead North American analyst, PwC's Autofacts. "Subprime consumers make up more than 35 percent of the U.S. population, but only 25 percent of new auto loans," continued Roberts. "Outside of contraction caused by euro zone issues, the U.S. auto market should be well-positioned for further growth as sales return to normal and more consumers find readily available financing."
For more details about the current U.S. auto finance market and to download the full September PwC Analyst Note, visit www.autofacts.com.
About PwC's Automotive Practice
PwC's global automotive practice leverages its extensive experience in the industry to help companies solve complex business challenges with efficiency and quality. One of PwC's global automotive practice's key competitive advantages is Autofacts®, a team of automotive industry specialists dedicated to ongoing analysis of sector trends. Autofacts provides our team of more than 4,600 automotive professionals and our clients with data and analysis to assess implications, make recommendations, and support decisions to compete in the global marketplace.
Autofacts, PwC's automotive forecasting service, is a provider of automotive market analysis, strategy development, and competitive intelligence to the world's leading vehicle manufacturers, automotive suppliers, and support organizations. Autofacts service offerings are available on-demand, for one-time purchase and through an annual subscription basis to access the on-line portal with Autofacts' proprietary data query tool. For more information regarding Autofacts, please visit www.autofacts.com.
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