About 16% of consumers said they will definitely purchase a car in 2015, according to a new survey by Huntington Bancshares.
The results of Huntington Bank’s third annual Midwest Economic Index reveal that 10% more consumers will purchase a car in 2015 than in 2014. The company based the results of the survey from consumers across five states.
While Huntington is predicting an increase in sales, the company enjoyed its own increase across the company in auto lending in 2014. The company reports that it had a prosperous loan production year with auto loans totaling $5.2 billion, a record-breaking level for the bank’s auto financing unit.
“We see consumers benefiting from low interest rates and high trade-in values,” Rich Porrello, director of auto finance at Huntington, told Auto Finance News. “Lower gas prices will help consumers buy more cars.”
During the fourth quarter of 2014, Huntington reported healthy earnings in automotive loans at $2 billion, up 31% from the same quarter in 2013. The bank also reported that its average earnings assets increased to $7 billion, up $13 billion from the prior-year quarter.
Huntington reported fourth quarter net income of $164 million in total for the company. Full year net income for the company was $632 million.
