Auto Sales Show Modest Growth
Total vehicle sales started 2011 off the same way 2010 ended: in a slow but steady upward trend, according to NAFCU. For both December and January, the rate was unchanged at 12.6 million annualized units. For both November and October, it was at 12.3 million, and for September it was at 11.8 million.
Automakers reported double-digit increases in their year-over-year sales numbers. General Motors and Chrysler reported the strongest growth at 22.7% each; Toyota reported 17.3 %, Nissan reported 14.8% and Honda reported 13%.
It is believed that sales in January were thanks to rising consumer confidence, improving access to credit, the release of demand, the introduction of new models, and increases in incentive spending.
Sales to retail customers are now dominating the market, as opposed to last year, when fleet sales dominated the vehicle market.
For the future, vehicle sales are expected to continue to grow slowly, but steadily.