Analysts Hike U.S. Auto Sales Outlook for 2012

U.S. light vehicle sales will climb 12% to 14.3 million units this year, according to the average estimate of 14 auto analysts surveyed by Bloomberg News.

The news service says that in January the same analysts predicted 2012 volume of 13.6 million vehicles. The new forecast would amount to the best year since 2007, when sales totaled 16.1 million units.

Bloomberg notes that vehicles sold at a 14.3 million-unit annual pace in the first three months of this year. Analysts say pent-up demand, improving job market and stronger economy are fueling the better-than-expected demand.

General Motors and Toyota have hiked their forecasts for this year's American light vehicle market to as much as 14.5 million vehicles. Ford boosted its forecast to as much as 14.7 million light vehicles.