August Was A Rosy Month For Auto Business

According to the US Department of Commerce, retail auto sales were up 2.7% in August, which beat the 2.0% expected rise in sales. In addition to improved retail auto sales, increased gas station sales of 5.1% and a 10.6% increase in auto parts and sales lifted the automobile sector nearly three-fourths of a percentage higher than initially predicted, once retail auto sales were factored out. Gasoline sales rose by nearly 2.4%.

For retailers in the auto business this comes as welcome news. Auto dealers and suppliers are hoping for a lingering bump from the government’s recently retired “Cash for Clunkers” program. Consumers who didn’t qualify for the program are taking a renewed interest in auto parts as they take measures to keep their vehicles on the road longer.

For after-market auto parts suppliers, the recession has been relatively good for business. If you own an after-market auto parts supply store and are looking to expand your business, but think you can’t get a small business loan, think again. Contact Rapid Capital Funding today for more information on our small business loan alternatives and let us show you how quickly we can put working capital in your account!

Photo Credit: .Larry Page, via Flickr

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