October sales to be strongest since 2001

This month is shaping up to be the strongest October on record since 2001, new data indicates. If new car sales continue at their brisk pace, the U.S. market could flirt with an all-time sales record.

According to LMC Automotive, October sales could hit 1.38 million vehicles, representing an 8 percent improvement over the same month last year. Edmunds is even more bullish on the month, calling for October sales of 1.42 million units.

LMC also increased its full-year forecast to 17.3 million vehicle. TrueCar, meanwhile, bumped its annual prediction to 17.4 million units. Those figures would be close to the United States’ annual sales record of 17.402 million units set in 2000.

“The tenacious pace of auto sales since May, combined with the current favorable position of the U.S. economy, is increasing the level of upside potential to 2015 by 100,000 units, while nearly wiping out any downside risk,” Jeff Schuster, senior vice president of forecasting for LMC, said in a statement, according to Automotive News. “Looking forward, the forecast for 2016 is 17.6 million units, but growing economic stability and consumer confidence could easily push light-vehicle sales toward 17.8 million next year.”

The Big Three domestic automaker — General Motors, Ford and Fiat Chrysler — are expected to gain market share in October while Toyota and Honda are predicted to lose market share. Despite a recent diesel engine scandal, VW is expected to have flat sales for the month.