In a possible sign that the automotive industry is finally recovering, a recent survey from KPMG found that 73 percent of automotive companies increased revenues last year, and approximately the same number expect to do that in 2012, as well.
The automotive industry was the most optimistic of any industry, which included banking, construction, aerospace and defense. Approximately 70 percent of executives noticed significant gains to their own bottom lines, and think spending will rise in 2012.
"I would characterize it as positive news," Gary Silberg, KPMG's national automotive industry leader, told the Detroit Free Press. "Not only has revenue grown, but profits have grown and balance sheets have improved significantly. … Given the dour mood of the rest of the economy, which is not very positive, here you have automotive executives saying they're going to hire in the next year."
Consumers may find this news to be positive, and furthermore, it could drive more people to purchase a vehicle. It may be a good idea to purchase a car with a new auto loan, or if a person has poor credit, a sub prime auto loan. It may make the purchasing process much easier.