Report: Auto Sales Top Expectations in June
U.S. auto sales beat expectations in June with Chrysler, Nissan, Toyota and Hyundai all posting healthy gains compared with the same month a year earlier. General Motors had a small increase and Ford’s sales declined.
The Los Angeles Times reported that June new car sales approached 1.4 million, about the same as a year earlier. Most analysts were forecasting a 2% to 3% decline for the month.
“The industry seems quite healthy compared to both May and year ago levels,” said Erich Merkle, sales analyst at Ford Motor Co.
Auto information company Edmunds.com said auto sales were “strong” considering that the number of days that automakers could sell cars this past month was two fewer than June 2013. Some states limit which days autos can be sold.
Automakers are on a pace to sell about 16.2 million vehicles in the U.S. this year, which would be the biggest sales volume since 2006.
The industry’s sales through the first half of 2014 are expected to reach 8.1 million, a 4% increase over the same period in 2013, according to a joint estimate from auto information companies J.D. Power and Associates and LMC Automotive.
“New-vehicle demand in the first half of 2014 has been robust, as evidenced by both strong sales and record transaction prices,” said Thomas King, a J.D. Power vice president. “Looking forward, we expect that strong sales momentum to carry into the second half of the year.”
For the full story click here.