Las Vegas Car Dealerships Look Ahead to 2013 - 8 News NOW

Las Vegas Car Dealerships Look Ahead to 2013

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LAS VEGAS - New car sales have skyrocketed in the last few years, and Las Vegas dealerships hope 2013 is going to be even better.

Sales jumped by more than 50 percent at Fairway Chevrolet in 2012. The spike in sales enabled the dealership to renovate its facility near Sahara Avenue and Fremont Street and hopefully draw more business in 2013.

Record low interest rates and big deals from manufacturers and dealerships are some of the reasons why it's a good time for consumers who are car shopping.

The average age of a car on the road last year was more than 11-years-old.

Nationally, new car sales jumped by more than 10 percent. The same was true in Las Vegas. Chapman Dodge claims they sold 3,500 vehicles last year. Two thousand of them were new vehicles. That's a 90 percent increase from 2011.

Chapman Dodge General Manager Don Hamrick says people are holding on to their jobs longer and feeling more confident about their financial situations.

"It's the cross section of America. It's a little bit of everybody," he said. "People's situations they feel have stabilized. They're not as good as they were in the past maybe, but they recognize what they've got going on in their lives, and they're a little more comfortable moving forward buying cars."

All of this means money is moving around the economy. In the last six months, banks have increased the number of loans they issued to consumers. For example, Nevada State Bank provided more than $160 million in loans to consumers last year.

There is still room for growth, however. Before the recession, car companies sold approximately 17 million cars a year. Now, they are selling approximately 14 million cars per year. While that is a promising number, car dealerships hope to see it increase in the coming years.

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