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New vehicle sale rate bounces back from Sandy

Posted On Thu, November 29, 2012

Despite the large number of vehicles that incurred damage during Hurricane Sandy, consumers appear ready to buy new vehicles and start anew, according to a report from J.D. Power and Associates and LMC Automotive.

The sale of new vehicles in November is expected to reach 931,900, or approximately 12.9 million seasonally-adjusted units. That is slightly higher than the October numbers, and 14 percent higher than November 2011.

The total sales forecast of 2012 is expected to be approximately 14.4 million units, with the monthly average staying close to October's 910, 505 units. The outlook for 2013 is positive but modest, with analysts expecting sales of about 15 million units, or a slightly slower growth rate than 2012.

Insurance providers across the country are pleased by the increase in sales. The more vehicles purchased, the more auto insurance policies must be sold. The increase in potential buyers may also help the insurance providers to increase insurance rates.

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