Edmunds.com: Loosening Credit and Rising Gas Prices Bring Shoppers Back to Lots

As credit loosens, confidence in the economy improves and gas prices climb, consumers are heading back to the lots, according to the sales forecast from Edmunds.com. 

As these factors drive rising auto sales, analysts contend that after “delaying purchases” over the last couple of years, shoppers will “march” back to the lots, contributing to what Edmunds.com has predicted will be 1,451,956 new-car sales this month.

This translates into a SAAR of 14.9 million units and would mark a 26.4-percent increase from February and a 16.5-percent increase year-over-year.

And an estimated 3.64 million used cars will be sold in March, for a SAAR of 38.3 million units (compared to 3.55 million – or a SAAR of 39.2 million – used-car sales in February), according to the company's data.

“After delaying purchases over the last couple of years, consumers are eager to jump into the new car market,” said Jessica Caldwell, senior analyst at Edmunds.com.

“Vehicle trade-in rates have achieved sustained highs in recent months, which suggests that consumers have decided that they’ve held on to their cars for too long. And with the average credit score for new car buyers at its lowest level since the first half of 2008, the market is clearly becoming a friendlier place for all buyers,” she continued.

Breaking the data down further, Edmunds.com estimates that retail SAAR will come in at 11.8 million vehicles in March, with fleet transactions accounting for 20.6 percent of total sales.

And as fuel prices climb, shoppers are turning to gas sippers, analysts noted.

“The market share of subcompact and compact vehicles is expected to climb 11.0 percent and 5.8 percent, respectively, from February to March,” Edmunds.com predicted.

“Midsize market share is also projected to climb 2.3 percent over the same period,” analysts added.

And as for market share by automaker, Chrysler continues its upward momentum, with its year-over-year sales and market share set to rise more than any other major auto manufacturer, the company explained.

Chrysler is expected to sell 164,000 vehicles in March, marking a 34.9 percent rise from last year.

Moreover, the OEM’s anticipated market share of 11.3 percent this month is a 1.5-percentage point  rise year-over-year.

And as for the Japanese manufacturers, Toyota is set to be the big player, which Edmunds.com contributed in part to “healthier inventory and favorable pricing.”

Edmunds.com expects Toyota sales to increase 22.1 percent year over year, with a 0.7 percentage point boost in market share, officials concluded.

Edmunds.com also offered the following charts to illustrate its findings:

 

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eBay Motors App Lets Shoppers Begin Vehicle Searches by Taking Photos

A potential car buyer is walking around town and spots a car, without even knowing the make, model or year of the car, that shopper can now be instantly connected to sellers of similar vehicles — including dealers — simply by taking a picture on the iPhone.

Thanks to upgrades eBay Motors has made to its iPhone app, this apparently is possible.

Through the new Vehicle Finder function (one of the aforementioned enhancements), when someone snaps a photo on their iPhone of a vehicle, the app can pull make/model/year information and show which similar vehicles are available on eBay Motors, officials explained.

The app’s upgrades also include a streaming feature, which shows eBay Motors-exclusive live broadcasts from auto events and races. The company was scheduled to launch that feature this past weekend at the 50th Anniversary Rolex 24 race at Daytona International Speedway, where former Le Mans winner Justin Bell was hosting behind-the-scenes coverage.

Moving along, other enhancements include:

—Notifications for when a shopper has been outbid, when sales are ending and updates on the current “Best Offer."
—Stock images of vehicles to allow  a user to quickly and easily update his or her profile in the personal eBay Motors "Garage."
—Feature for users to share via Twitter the parts and vehicles they are buying or selling (currently only avaialbe on the  iOS 5)

“Car lovers have embraced mobile shopping with 127,000 parts and 2,800 cars sold each week worldwide through eBay mobile applications alone," said Steve Yankovich, eBay’s vice president of mobile.

“We are enhancing this experience with entertaining original content and Vehicle Finder image search. The eBay Motors app is a one-stop destination for auto fans, from their next purchase to behind the scenes footage of a raceway event, whether they are at home or on the go,” he added.

eBay Hosts Charity Auction

Additionally, after the aforementioned race this past weekend, eBay Motors was hosting an auction of the “Rennsport Edition” Porsche Cayman S, the proceeds of which were going to Children’s Tumor Foundation. The vehicle was a special commission from the organizers of the Cayman Interseries racing during the Rennsport Reunion in October at the Mazda Raceway Laguna Seca in Salinas, Calif.

Officials said the vehicle includes the autographs of the “dozens of legendary drivers” who were attending. Also inscribed on the Porsche is the name of every racing Porsche and where it raced.

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