Auto Sales Cool in August on Later Labor Day - Morningstar.com
More sales results from auto makers are due out later Tuesday, and overall U. S. sales are expected to cool in August as the impact of a later Labor Day masked an otherwise strong month of buying. Traditionally, Labor Day sales are reported in August when the holiday falls in early September. Last August also included one more selling day, which--coupled with the impact of Labor Day--helped make it the strongest month for auto sales of 2014, according to Sterne Agee. Still, the seasonally adjusted annualized rate is expected to come in above 17 million new cars and trucks for the fourth month in a row as the gravy train of low lease rates, cheap gas and consumer enthusiasm continues to roll. The last time the industry had a four month sales streak above 17 million vehicles was 2006. At Fiat Chrysler, growth in August was again driven by strength in its Jeep brand and Ram pickup trucks. Jeep sales grew 18% to 80,804 vehicles, the brand's best sales month ever. Sales of Ram trucks grew 6. 1%, with pickup trucks logging their best month of August sales ever. Dodge sales fell 15% amid declines in Dart, Avenger and Charger sales. Industry watchers will be studying August sales to see if auto makers can continue to squeeze more money from the showrooms. In July, China passenger-vehicle sales fell for a second consecutive month. Source: www.morningstar.com
