One of the best turnaround stories over the past few years has been the auto industry. It may seem like a long time ago that America’s big auto makers were going bankrupt, but it was just a couple years ago, so to see the industry surging is definitely encouraging for the overall economy.
People have been buying new cars and trucks, and November, auto sales ran at their fastest pace since early 2008.
The recession hit the industry hard, and in 2009 the auto industry sold just 10.4 million vehicles. That number has increased each year, and as of November, it is estimated that the industry will sell around 14.5 million vehicles.
With unemployment dropping, interest rates low, and consumer confidence sitting at a 4.5 year high, there is little reason to believe that the auto industry will not continue to improve for the foreseeable future.
Michael Fowlkes is a financial writer who has been with the Fresh Brewed Media family since 2004. Over the course of his tenure with Fresh Brewed Media, he has worn many hats, including portfolio manager, options analyst, and writer. Michael received his undergraduate degree from Virginia Tech in Accounting and got his start in finance working as a stock trader for six years at Chase Investment Counsel in Charlottesville, Va. His articles typically cover big-picture events and forecasting what impact they will have on the stock market. In addition to writing for Fresh Brewed Media, Michael also wrote for AOL's BloggingStocks for three years, focusing most of his attention on the energy and technology sectors.