Total vehicle sales were down from May to June, continuing their bumpy ride through 2010. Sales fell from 11.6 million annualized units in May to 11.1 million annualized units in June, according to NAFCU's Marco Data Flash Report.
Car sales declined from 5.6 million annualized units in May to 5.5 million in June. Sales of light trucks decreased from 6.0 million annualized units in May to 5.6 million in June.
"Vehicle sales continued this year's zigzag pattern during June, declining more than expected. High unemployment, low household wealth, plunging consumer confidence and the continuously tight credit conditions made consumers hold off on big-ticket items during the month, indicating that any pent-up vehicle demand will not be released until the economic recovery gains more momentum and employment numbers improve significantly," said Katrin O'Connor, NAFCU staff economist.
On a positive note, all six of the biggest automakers saw year-over-year increases in June with Chrysler reporting the strongest year-over-year surge in sales of 35.5%, followed by Ford with a 13.4% increase, General Motors at 11.9%, Nissan at 10.8%, Toyota at 6.8% and Honda at 6.2%.