MEMPHIS, TN (abc24.com) - There are major indications the economy is looking up as we start the new year. Car sales are growing and are expected to climb throughout 2012. From Nissan to Ford, nearly every automobile company reported an increase in sales. They're up about 10-percent in the Mid-South.
"We have been busy. It's beginning to be the tax season for us and 'tis the season for the automobile business,” said Larry Worthy, an automobile dealer at AutoMax on Covington Pike.
So why are people spending their money on a new ride? University of Memphis Economist Professor Doug Campbell says it's time.
"We've been in recovery now for over 2 years and given the fact that very slowly the economy does continue to add jobs we should see a return in consumer spending,” Campbell told abc24.com.
Gas prices are predicted to climb this year but Campbell believes expensive gas won't slow automobile sales.
"We might see consumers substitute for smaller cars, more fuel efficient cars, hybrid vehicles, and I think we're already seeing that,” he said.
The most poplar cars being sold at AutoMax are used, small cars like Hondas. Car dealers are pumped and ready to get vehicles off their lots and into your driveway.
