Do you own a car right now? Maybe you lease one? The average U.S. household owns 2.8 vehicles right now. There’s a pretty good chance that one of those vehicle’s was made by Ford as well, as over 150,000 cars were sold by Ford in February 2014 alone. Compared to GM, which didn’t even sell 50,000 vehicles, and it’s clear to see who is starting off this year strong.
Car Industry Statistics and Facts
Despite weak sales in the last month, GM still leads the industry with nearly 20% of the market share.
Although the car industry is seen as providing people with a safe means of transportation, the amount of recalls that occurs every year has been more than 100 since 1994. This has affected a minimum of 8 million vehicles on the road since 1995 each year, with nearly 40 million cars affected by recalls in 2000.
Three Fast Facts About the Car Industry
1. In 1913, when Henry Ford perfected the assembly line method of building an automobile, he claimed that a Model T could be built in just 93 minutes.
2. In the first 40 years of the car industry’s existence in the United States, over 1,650 companies went out of business trying to make cars.
3. Between February 1942 and October 1945, no domestic automobiles were made in the United States because of World War II.
Takeaway: The car industry has been the heart and soul of the American economy and even life in general for over a century. Many people define some of the best moments in their life from a road trip they took, a first kiss they had in a car, or the day they earned their driver’s license. Cars might cost more today than they did in the past, but in return the car industry supports over 700,000 high paying jobs in the United States alone.
Other Facts to Consider About the Car Industry
1. From the 1950’s to the 1970’s, the big three automakers in the United States were responsible for 67% of the vehicles that were sold around the world.
2. The Ford F-series light truck is the bestselling vehicle of all time. Since its introduction in 1948, it has sold more than 34 million units.
3. A compact truck is the cheapest vehicle on average to operate annually, costing 50% less than any make or model of car.
4. The most popular complaint by far about a car is a problem with its powertrain. This accounts for 40% of total vehicle complaints. The next most popular problem is with steering, accounting for just 13% of complaints.
5. If you want a consistently good deal on a car, go purchase a Kia. Dealers regularly offer discounts above 10% off the MSRP.
6. Even though GM holds a majority of the actual market share, more consumers intend to purchase a Toyota than any other vehicle.
Takeaway: Foreign automakers have provided intense competition for the American auto industry. Even so, the American auto is still one of the most treasured possessions for someone to have around the world. Niche automakers are always going to be around to provide a small amount of competition, but the chances are good that if you’re considering a car right now, it’s going to be from GM, Chrysler, or Ford.