Japanese carmakers succeeded in picking up market share during August’s automotive sales boom, while surging demand for luxury cars, trucks and crossovers helped push up the vehicle prices to record levels across the board.
A sharp upturn in recent months has hit consumers squarely in the pocketbook. According to a report by TrueCar.com, the Average Transaction Price – what consumers pay factoring in both incentives and options – surged 3.2% year-over-year to $31,252.
That hasn’t kept buyers out of showrooms, however, with the industry expected to have garnered sales that, on an annualized basis would have come in at or slightly above 16 million, according to industry analysts. Most have been raising their forecasts sharply in recent months as showroom traffic continues to defy concerns about the unsteady economy.
“The market is continuing to pick up steam, our sales momentum is on record pace and we have two major new products hitting the market in the next few weeks,” said Steve Cannon, president and CEO of MBUSA, which saw the Mercedes-Benz brand post a 21% increase for August to stay ahead of BMW.