CHARLOTTE, N.C. — Wells Fargo Securities' managing director and senior economist indicated this week that the recovery is real and that his company is not anticipating a double-dip recession, which bodes well for the auto industry.

In fact, Mark Vitner said credit availability has improved and is continuing to become better.

More specifically, Vitner explained to SubPrime Auto Finance News this week, "We believe the recovery is for real and expect private demand to gradually accelerate over the next several quarters. While there are risks to recovery, we do not expect to see a double-dip recession.

"Much of the downside risk to the economy has already been taken out, and inventories are exceptionally lean throughout the supply chain. The financial markets have healed a great deal, and credit availability is improving virtually every day," he continued.

He went on to say that the auto industry is appearing much healthier.

"Sales are gradually recovering, and buyers appear to have a great deal more confidence than they did a year ago," Vitner pointed out. "The rebounding stock market has helped a great deal and has alleviated some of the fears about the wealth effect. The long drought in sales during 2008 and 2009 has also built up some pent-up demand that will likely be met once job growth improves."

According to Vitner, the biggest surprise he's seen has been the strength of consumer spending this year.

"While job growth has only recently turned positive, consumer spending has been solid all year and last year's holiday shopping season was also better than expected," he explained.

"Wages and salaries have picked up over the past three months. When combined with the rebound in the stock market and apparent stability in home prices, consumer spending should provide a solid lift to economic activity in 2010," Vitner said.

For a more in-depth look at what Wells Fargo Securities is predicting for the auto industry this year and going forward, be sure to sign up for the Automotive Economic Forecast and Financial Forum May 10-11 in Chicago. Vitner is slated to be a keynote speaker on day one of the conference.

In addition to Vitner, the lineup of speakers currently includes:

—Sudarshan Mhatre, senior analyst, PricewaterhouseCoopers, Autofacts.

—Melinda Zabritski, director of automotive credit, Experian Automotive.

—Ellen Hughes-Cromwick, chief economist, Ford Motor Co.

—William Strauss, senior economist and economic adviser, Federal Reserve Bank of Chicago.

—Bernard Swiecki, director of market analysis, Center for Automotive Research.

—Tom Kontos, executive vice president of customer strategies and analytics, ADESA

—Matt Traylen, chief economist and client partner, ALG

—Tammy Darvish, dealer, DARCARS

Attendees who register for the conference before April 12 will receive the early-bird registration rate of $695. After that time, the cost to register goes up to $795. 

The event is designed for automotive industry executives, banking and finance industry executives, allied industry executives, dealer group executives, supplier and aftermarket executives, economists, and analysts from a broad spectrum of new and pre-owned automotive sales, manufacturing, leasing, financing and aftermarket arenas. 

Registration, hotel and travel information, sponsorship details, the latest news about the conference and agenda information are available online at www.automotiveforecastforum.com. 

For more information about the event, contact Marilu McQuilkin, director of meetings and events, at (800) 608-7500 or mmquilkin@sacherokee.com.