U.S. new car sales appear to have reached a six-year high as buyers raced back to showrooms in hot August – but the news wasn’t all good from a consumer standpoint. While car sales are adding momentum to an economy still looking for traction, buyers may have wound up paying record prices for new vehicles last month, according to a preliminary analysis.
Sales of new cars, trucks and crossovers appear to have run at a 16 million annualized pace, according to industry analysts, with General Motors, Ford, Chrysler, Toyota and Nissan among the many brands to show double-digit gains. Hyundai, set another sales record despite the impact of capacity problems worsened by a labor dispute in South Korea. Volkswagen was one of the rare losers, sales slipping 1.8% for the month.
“August capped a great summer for new vehicle sales,” says Bill Fay, Toyota division group vice president and general manager, who suggested that, “The auto industry continues to be a bright spot in the economic recovery.” (more…)