The Pickup Truck Indicator: Recovery is Real
Vehicle sales at AutoNation (America's largest auto retailer with 200 locations nationwide) were up by 22% in May compared to last year, but pickup truck sales were up by 50% year-over-year in May. That's a huge sign of strength for American small businesses, according to AutoNation Chairman and CEO Mike Jackson:
"I've always said, when you want to know when this economy is going to turn, just watch the pickup sales. All those sales are small businesses and entrepreneurs, and when they see the prospect for better business, they're going to go out and finally buy a new pickup truck. So this is a key indicator of what's going on in the U.S. economy. This is small business America saying that the worst is over, I see opportunities in the future, I feel confident enough to go out and buy a new truck.
Pickup trucks are bought by small business entrepreneurs who have their finger on the pulse of the U.S. economy. It's an expression of confidence in future of economy. They don't buy until they see the prospects for business are brighter."
HT: Mike LaFaive