January 13, 2011 / 09:34 IST
The top executive of AutoNation Inc, the No 1 US car selling chain, said on Wednesday he expects the industry to sell "around 11 million" vehicles to retail customers in the United States in 2011.
Speaking at the Automotive News World Congress, Mike Jackson said he expects overall industry sales, which include fleet sales, to reach 12.8 million units in the United States this year, up from 11.5 million in 2010.But stripping out sales to rental companies and other big fleets, Jackson said he thought sales to US retail customers would be "probably around 11 million" units.Jackson said he expected overall sales to rebound to 15 million units in the United States within three to four years. One of the things holding them back currently, he said, was that lenders remain reluctant to finance would-be car buyers whose credit is less than perfect.He said that only about 10% of the subprime auto loan applications that buyers in his showrooms submit to lenders get approved, down from a 50% approval rate back before the credit crunch and recession. Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
