Automakers see mixed sales results in August - USA TODAY
The auto industry saw the strongest sales in a decade in August as U. S. consumers continued their exodus from cars into crossovers, sport-utility vehicles and pickup trucks. Fueled by low gas prices and high consumer confidence, the auto industry saw a seasonally adjusted rate that, if maintained all year, would amount to the sale of 17. 8 million new cars and trucks, highest single-month rate since July, 2005, and up... Without the adjustments, individual automakers encountered mixed results due to comparisons since August had one fewer sales day than the same month a year ago and the three-day Labor Day holiday, traditionally a hot sales weekend for cars, falls... General Motors sales fell 0. 7% in August, compared to the same month a year earlier, as the automaker favored retail sales over less profitable fleet sales. Honda sales fell 6. 7%. The industry was reaping high prices for the vehicles it sold as well. The average price that consumers actually paid for a new vehicle in August was $33,543, up $1,107, or 3. 4%, from last year, reports Kelley Blue Book. Market share for full-size pickup trucks rose from 11. 3% a year ago to 13% in August, while market share for SUVs and crossovers rose from 17. 5% to 19. 5%. That trend is boosting the bottom line for the major automakers because bigger vehicles... "Consumers continue to benefit from low fuel prices, low inflation and low interest rates," Ford's senior economist, Yong Yang, said in a conference call. Source: www.usatoday.com
