Easy credit, rising consumer confidence and strong demand for utility vehicles and trucks pushed new vehicle sales upward towards a seasonally adjusted average rate of 17 million units in August, helping the auto industry maintain the momentum it had built up throughout the summer.
Chrysler, Ford, Audi, Nissan, Hyundai, Toyota all posted sales gains during August while General Motors and Volkswagen reported their sales dropped last month despite the strong consumer demand for new cars and trucks.
The strong results defied analyst expectations of a small overall increase of just .1%. In fact, multiple automakers reported they expected industry-wide August sales to rise 3% overall. The early reports support their assertions. (more…)