Global Auto Sales Continue to Strengthen in 2017

March 16, 2017

March 16, 2017—Global auto sales continued to improve in the first month of 2017, according to a recent report by international banker ScotiaBank. Global purchases advanced 3 percent above a year earlier, as volumes in developing markets (excluding China) began 2017 with the strongest gain in nearly four years.

The upward trend has occurred despite the fact many automakers reported lower sales in China due to an increase in the sales tax applicable on small vehicles with 1.6L or smaller engines.

In the U.S., car and light truck sales totaled an annualized 17.5 million units in February, in line with the prior month’s showing. Retail activity continues to improve, even as fleet volumes have weakened. Automakers will ramp up production to record highs in the second quarter, according to the ScotiaBank report. Rising vehicle assemblies are estimated to add an annualized 0.6 percentage points to economic growth in the April-June period, helping to improve overall U.S. growth to 2.3 percent in 2017, up from 1.6 percent in 2016.

During January, sales in developing countries in Asia, Eastern Europe, and South America accelerated to 6 percent year-over-year, the best performance since May 2013.

Sponsored Recommendations

Free Resources for Shops Like Yours

View insights, research and solutions curated specifically for shops like yours.

Restore & Protect: The Powerful Revenue and Profit Accelerator for Your Business

Restore & Protect is a major business opportunity for Valvoline installers with positive impact on profit growth as well as customer satisfaction and loyalty.

Deliver a First-Class Guest Experience

Our dedicated Valvoline Trusted Advisor Sales and Support Team provides hands-on classroom and targeted in-store coaching to help your employees become more skilled at selling...

Promote Growth on Two Fronts: Existing and New Customers

Increase Sales and Customer Traffic To Your Store(s).