Great American Group Reports Domestic Auto Market Posted Best Sales Month Since 2007
-Domestic auto market outshines other industries while European market continues to struggle-
WOODLAND HILLS, Calif.--(BUSINESS WIRE)-- Analysts with Great American Group, Inc. (OTCBB: GAMR) report that the domestic automotive industry continues to outshine several other major manufacturing sectors, proving to be a crucial component of the United States' climb out of recession.
Following a 13 percent increase in unit sales of new cars and trucks for full-year 2012 as compared to the previous year, the auto industry faced high expectations from analysts in the first quarter of 2013. Thus far, the industry has not disappointed, with March sales representing the single best month of automobile sales since 2007.
Such a trend has mixed impacts on upstream participants. Manufacturers and distributors of original equipment manufacturer (OEM) parts thrive under such circumstances, as demand from their primary customers, major automobile manufacturers, continues to increase. However, as new cars require less maintenance than older cars, manufacturers and distributors of aftermarket parts are not as significantly impacted.
"Trends that we began reporting on in 2012 have gathered steam into 2013," said Ken Bloore, chief operating officer of Great American Group's Advisory and Valuation Services division. "After several years of watching their wallets, Americans finally feel comfortable enough to begin making major purchases once again. We'll continue to monitor market conditions and their impact on our automotive sector appraisals going forward."
In its latest Automotive Monitor, GA also notes that automotive market conditions in Europe have worsened, with no signs of reversal in the near term. Auto sales in the first quarter of 2013 represent the weakest sales since the early 1990s. In March, sales fell roughly 10 percent from the previous year, marking the 18th consecutive month of declines.
Great American Group's newest quarterly Automotive Monitor about industry trends in OEM and aftermarket parts, accessories and tires is available on the company's website at http://www.greatamerican.com/news_media/downloads/Automotive_monitor_may_2013.pdf.
For more information about asset disposition or advisory and valuation services available through Great American Group, visit www.greatamerican.com.
About Great American Group, Inc. (OTCBB: GAMR)
Great American Group is a leading provider of asset disposition and auction solutions, advisory and valuation services, capital investment, and real estate advisory services for an extensive array of companies. A trusted strategic partner at every stage of the business lifecycle, Great American Group efficiently deploys resources with sector expertise to assist companies, lenders, capital providers, private equity investors and professional service firms in maximizing the value of their assets. The company has in-depth experience within the retail, industrial, real estate, healthcare, energy and technology industries. The corporate headquarters is located in Woodland Hills, Calif. with additional offices in Atlanta, Boston, Charlotte, N.C., Chicago, Dallas, New York, Norwalk, C.T., San Francisco, London, Milan and Munich. For more information, call (818) 884-3737 or visit www.greatamerican.com.
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