Car Purchases Expected to Soar in 2015 Says Huntington Bank Survey
January 27 2015 - 6:00AM
Business Wire
Economic Index projects 10 percent increase
among Midwest car buyers
Huntington Bank’s Third Annual Midwest Economic Index reveals 16
percent of consumers definitely will purchase a car in 2015. The
response represents a 10 percent increase over definite intent for
car purchases in 2014 and is a clear sign of optimism among
consumers interviewed in Indiana, Michigan, Ohio, Pennsylvania and
West Virginia.
“It’s still a great time to buy,” said Huntington Auto Finance
Director Rich Porrello. “Consumers are benefitting from low
interest rates, high trade-in values and a wide range of
manufacturer incentives. Add to that enthusiasm for an outstanding
2015 model year, falling gas prices and the ongoing economic
recovery, and we’ll continue to see strong buyer demand throughout
the year.”
In comparison to consumers with definite plans to purchase a car
in 2014, the Midwest Economic Index revealed increases of 13
percent in West Virginia, 12 percent in Western Pennsylvania, 11
percent in Indianapolis, 9 percent in Michigan and 8 percent in
Ohio.
The automotive industry has now experienced five consecutive
years of growth in the number of autos sold and is poised for a
sixth in light of increased consumer optimism about the U.S.
economy and given that the average vehicle on American roads
continues to run more than 11 years old according to an IHS
Automotive study based on Polk Co. registration data.
In line with this growth, Huntington experienced its fifth
consecutive year of record loan production in 2014. With loans
totaling $5.2 billion, Huntington financed more cars than any other
time in its 60-year history serving the automotive industry. During
the year, Huntington added hundreds of dealers to its network,
which now totals more than 3,700 dealers in 17 states.
Additionally, Huntington held to super-prime lending, serving
dealers locally and delivering 70 percent of indirect loan
decisions within three seconds or less.
This year Huntington is joining Midwest consumers for a look at
the latest vehicle models and automotive technologies as an
official sponsor of the following auto shows:
- West Virginia International Auto Show,
Jan 16 - 18, at the Charleston Civic Center
- Toledo Auto Show, Feb. 5 - 8, at the
Seagate Convention Centre
- Pittsburgh International Auto Show, Feb
13 - 16, at the David Lawrence Convention Center
- Cleveland Auto Show, March 7 - 15, at
the IX Center
- Columbus International Auto Show, March
19 - 22, at the Greater Columbus Convention Center
Visit http://www.huntington.com/dealersales for more information
Huntington Auto Finance.
Ebiquity conducted the Midwest Economic Index survey over the
last weeks of October 2014 as a random sample of consumers in
western and eastern Michigan, northern, central and southern Ohio,
Indianapolis, western Pennsylvania and West Virginia, with
statistically relevant responses available for each region. The
survey points to rising consumer optimism with intent to increase
spending on key items including cars, vacations and home
improvements in 2015. Read the full news release at:
http://huntington-ir.com/ne/news/hban121114.htm. Access an
infographic of key results at:
http://huntington-ir.com/iq/h/hban/ne/news/Huntington-Eco-Index-infographic.pdf.
MethodologyThe third Huntington Bank Survey conducted by
Ebiquity between October 20-30, 2014 among 2,107 adults within
their surrounding community, representing five Midwestern regions –
Ohio, Michigan, Western Pennsylvania, Indianapolis and West
Virginia. These findings have a margin of error +/-2.1 percent at a
95 percent confidence level.
About HuntingtonHuntington Bancshares Incorporated
(NASDAQ: HBAN and www.huntington.com) is a $66 billion asset
regional bank holding company headquartered in Columbus, Ohio. The
Huntington National Bank, founded in 1866, and its affiliates
provide full-service commercial, small business, and consumer
banking services; mortgage banking services; treasury management
and foreign exchange services; equipment leasing; wealth and
investment management services; trust services; brokerage services;
customized insurance brokerage and service programs; and other
financial products and services. The principal markets for these
services are Huntington’s six-state retail banking franchise: Ohio,
Michigan, Pennsylvania, Indiana, West Virginia, and Kentucky. The
primary distribution channels include a banking network of more
than 700 traditional branches and convenience branches located in
grocery stores and retirement centers, and through an array of
alternative distribution channels including internet and mobile
banking, telephone banking, and more than 1,500 ATMs. Through
automotive dealership relationships within its six-state retail
banking franchise area and selected other Midwest and Northeast
states, Huntington also provides commercial banking services to the
automotive dealers and retail automobile financing for dealer
customers.
About EbiquityEbiquity are independent marketing
performance specialists. Ebiquity enables brands across the world
to make better informed decisions to improve their brand and
business performance across integrated communications channels.
Learn more at ebiquity.com.
Member FDIC. The logo mark and Huntington® are federally
registered service marks of Huntington Bancshares Incorporated.
Huntington Bancshares IncorporatedMichael K. Sherman,
614-480-6114michael.sherman@huntington.com
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