The top six automakers sold more cars and trucks in November than analysts expected, with a healthy economy, generous discounts and low fuel prices luring consumers into U.S. showrooms.
Reuter’s reported that the industry’s annualized sales rate in November was about 17.2 million vehicles, according to industry consultant Autodata Corp. That is the best pace for that month since 2003 and well ahead of the estimated 16.7 million in a Thomson Reuters survey of 41 industry economists and analysts.
November sales totaled 1.3 million, up 4.6% from a year ago and higher than analysts’ expectations of 1.27 million.
“This sustained demand for new vehicles was building for years during the recession, and it should continue unless a major shift in economic stability occurs,” said analyst Karl Brauer of Kelley Blue Book.
General Motors Co., Chrysler Group, Toyota Motor Corp. and Honda Motor Co. all reported year-to-year sales gains in November, while Ford Motor Co. and Nissan Motor Co. Ltd. had modest declines. All six topped forecasts from analysts surveyed by Reuters.
Early buzz and promotions tied to the post-Thanksgiving “Black Friday” retail blitz helped spur car sales, according to John Krafcik, president of online shopping service TrueCar.com. Krafcik said average transaction prices on full-size pickups in November topped $40,000 for the first time.
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