Consumer Auto Demand Bullish, Forecasts New US Study

ORADELL, N.J., July 27 -- High gas prices haven't satiated Americans' love of driving, said TechnoMetrica Market Intelligence today, with one out of five saying that they will likely purchase or lease a vehicle within the next 6 months, according to the inaugural wave of its Consumer Auto Demand Tracker(SM) series of reports.

Ford, American mainstay and industry powerhouse, leads the way among brands, followed by Chevrolet. Asia's auto-juggernauts Toyota and Honda are next, while Dodge rounds out the list of Top Five Most Preferred Brands in America.

The study found that younger Americans aged 18-24 exert significant pull on the fortunes of the auto industry, and a whopping 37% of consumers in this age bracket plan to purchase either a new or pre-owned vehicle within the next 6 months.

"Younger buyers are a key demographic to watch," said Susheel Philip, auto analyst at TechnoMetrica. "Most auto makers today realize the long term potential benefit that this demographic holds and are altering their product offerings to get a foot in the door of this lucrative market."

Certified Pre-Owned Vehicles Make a Dent

The study found that certified pre-owned vehicles have gained popularity among likely auto-buyers, taking sales away from both new and used vehicles, with 22% of them considering buying such a vehicle.

These vehicles are typically off-lease and/or reconditioned, meet manufacturers' standards for certification and carry warranties.

"CPOs offer consumers the best of both worlds. They get to leave the dealership with a less expensive vehicle, and drive home with more piece of mind than they would have with a run-of-the-mill used car," said Philip.

The Study

TechnoMetrica's Consumer Auto Demand Tracker(SM), with a sample size of over 2,000 American households, provides market information to auto manufacturers and market watchers who want to identify trends in US consumer demand. Conducted monthly, the study tracks consumer demand, changes in brand preferences and body styles, as well as purchase plans vis a vis the buying or leasing of new and pre-owned vehicles.

TechnoMetrica Market Intelligence

TechnoMetrica Market Intelligence is a leading provider of timely intelligence for national and international clientele. Among the company's main areas of focus are the high-tech and auto industries, as well as the small business segments of the economy. TechnoMetrica is the research partner of Investor's Business Daily and The Christian Science Monitor.