McLEAN, Va. -

Based on the healthy results from new-vehicle dealers during the first quarter, the auto industry appears to be “well into recovery,” according to Paul Taylor, chief economist with the National Automobile Dealers Association.

Total sales for new-car dealers in the first quarter climbed 22.5 percent on a year-over-year basis, the association’s latest Dealership Financial Profile indicated. NADA indicated that this report offers a "snapshot of the financial condition" for a typical new-car dealership.

Used-vehicle sales for these dealers jumped 15.8 percent from the first quarter of 2010, while new-vehicle sales climbed 30.6-percent year-over-year. Parts and
serviced showed an 11.5-percent hike.

NADA said the typical dealer enjoyed a 2.4-percent profit before taxes, compared to the 2.2-percent profit level a year ago.

Moving along, used retail selling prices climbed 6.1 percent to $16,581, while new retail selling prices averaged $29,889, a 0.9-percent increase.

“Dealers showed strength in all areas of operations in the first quarter," Taylor explained. “Their strong performance suggests that as new-car production is restored, the stage is set for continued strong growth in the future.”