In a sign that consumers are gaining confidence, most automakers posted solid gains in U.S. sales, bringing the industry to its strongest performance in over a year. Industry demand jumped 13% in October from the year previous, and sales through October are up 11 % from last year”s 27-year low.
“Consumers who have a job are feeling a little bit better and not fearing every Friday anymore,” said Rebecca Lindland, an analyst at researcher IHS Automotive. They feel like the worst is over and they’re starting to trickle back into showrooms.”
Ford posted a 15% increase in October sales, and Chrysler, Nissan, Honda, and Hyundai-Kia all outpaced Ford. Toyota was the only major automaker to fall, as they decreased by 4%. The U.S. sales rate topped 11 million since March, a rate above 12 million would be a strong indicator of a good fourth quarter.
General Motors sales were up 4 percent, beating analyst predictions.
– By: Stephen Calogera
Source: Automotive News (Subscription Required)