With Detroit’s automakers leading the way, new car sales remained very strong during July thanks to an improving economy, ample financing and the appeal of new products that have given automakers a major lift.
Transaction prices also continued to exceed $32,000 per unit as consumers and automakers remained willing to take on more debt for a new vehicle and carmakers and banks remained more than willing to underwrite it. Analysts said.
Chrysler Group continued to roll last month reporting a 20% increase compared with sales in July 2013. The Chrysler, Jeep, Dodge, Ram Truck and Fiat brands each posted year-over-year sales gains in July compared with the same month a year ago. (more…)