SOUTHFIELD, Mich., Jan. 8 /PRNewswire/ -- Light vehicle sales in 2009 were 10.4 million, the lowest level in 27 years, and 21.2 percent lower than 2008. R. L. Polk & Co. predicts the light vehicle market will be 11.5 million units in 2010, according to its most recent U.S. light vehicle forecast.
"We believe wealth accumulation and improving consumer confidence added to GDP growth in the fourth quarter of 2009 and we see slow but steady GDP growth in 2010," said Dave Goebel, North American forecast consultant for Polk. Polk's forecast for Real GDP U.S. growth in 2010 is 2.9 percent.
Polk's analysis indicates that the U.S. economy is in a recovery; however, risks to the pace of economic growth remain. As government stimulus programs end, consumers must have confidence to continue spending and businesses need to invest and hire, otherwise the economic recovery could slow in 2010.
"We are encouraged by a light vehicle industry SAAR above 10 million for three consecutive months and record low inventories at dealerships. While industry levels remain far below their normal levels, there seems to be some momentum out there," said Goebel.
To download Polk's U.S. Light Vehicle Forecast Report, please visit: http://www.polk.com/forecast/fc02/
About R. L. Polk & Co.
Polk is the premier provider of automotive information and marketing solutions that help the automotive industry make good business decisions. Polk collects and interprets global data, and provides extensive automotive business expertise to help customers understand their market position, identify trends, build brand loyalty, conquest new business and gain a competitive advantage. A privately held global firm, Polk is based in Southfield, Mich. with operations in Australia, Canada, China, France, Germany, Japan, Spain, the United Kingdom and the United States. For more information, please visit www.polk.com.
SOURCE Polk & Co.