Goldman Sachs has said in a research note that is sees US auto sales as likely to improve in the second half of 2009.
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Fewer distractions from bankruptcy-related headlines and greater clarity on issues like remaining brands, dealerships, and warranties at GM and Chrysler set the stage for an improvement in sales, analyst Patrick Archambault has said in a research note.
Industry-wide auto sales for May reached nearly 10m units on an annualised basis, suggesting that the market decline has at least reached bottom.
May represented the highest sales rate so far this year.
“We see this as a positive for the industry, as we are finally seeing some evidence of a sales bottom driven by increased consumer confidence, and improved affordability from the recent decline in auto loan interest rates, particularly at captive finance arms,” the analyst said.
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By GlobalDataThe US light vehicle market declined by almost 34% year-on-year in May to 923,346 units. On an adjusted daily selling rate (DSR) basis the drop was estimated by Ward’s at 31.2%.
See also: US: May market down 34%, but signs of bottom seen
