U.S. auto sales have come back nicely since the financial crisis thanks to a combination of looser credit conditions, increasing consumer confidence, and a need to replace old cars.
This slide comes from a presentation from high-yield credit research team. It shows the fall and rise of U.S. auto sales.
It also shows how vehicle miles driven has been on a decline. At least some of this can be attributable to higher fuel efficiency standards.
Ageing fleets are expected to be a bullish force as consumers and businesses trade up to newer more fuel-efficient vehicles.
The final chart shows who the big players are in the U.S. auto market. GM, Ford, and Toyota lead the way.
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