The Great Recession put a damper on sales of big ticket items — like cars, trucks, and SUVs. Drivers tried to keep their old vehicles running longer in order to save money. That led to a lot of pent-up demand, which burst through as Houston’s recovery took off.
Dealers have largely worked through that pent-up demand. Steve McDowell is president of Sugar Land-based InfoNation and publisher of TexAuto Facts.
“We anticipate a growth in sales for the full year of 3%-4%, which would mean about 360,000 new vehicles sold, and that’s down from the kind of numbers we’ve seen the last two years, which was 27% in 2012 and over 7% in 2013.”
New vehicle sales for the Houston region totaled nearly three hundred forty-eight thousand units in 2013. McDowell says, in 2014, most growth in local vehicle sales will depend on the growth of the Houston population.