US Auto Sales Headed Toward Best Mo in tenth Years

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Source:   —  April 01, 2016, at 6:40 PM

S. sales gains in March as the auto industry appeared to be headed for its best mo in more than a decade. Even Common Motors, which has been cutting back on sales to rental car companies, saw a slight sales expand and said its retail sales to individual buyers rose six percent.

Ford, Nissan and Fiat Chrysler each reported large U. S. sales gains in March as the auto industry appeared to be headed for its best mo in more than a decade.

Even Common Motors, which has been cutting back on sales to rental car companies, saw a slight sales expand and said its retail sales to individual buyers rose six percent.

The increases showed that Americans are still buying cars and trucks in huge numbers, despite predictions by some analysts and dealers that sales have peaked.

Mustafa Mohatarem, GM'south chief economist, said the U. S. economy remains strong, and that should assistance auto sales to continue to lead the recovery from recession. "We expect historically low interest rates, powerful employment, rising salary and stable fuel prices to continue for the foreseeable future," Mohatarem said in a statement.

Nissan sales were up thirteen percent, hitting a record for any mo in its history. At Fiat Chrysler and Ford, sales were up eight percent, while they grew 0.9 % at Common Motors. Ford and Fiat Chrysler posted their best March numbers in a decade. Volkswagen, still mired in an emissions cheating scandal, saw its sales tumble ten.4 percent.

Industry analysts expect March sales to rise seven % to eight % over a year ago by the time automakers finish reporting numbers on Friday. Kelley Blue Book says sales should total around 1.66 million cars and trucks for the month, which could be the biggest no for any mo since July of 2005.

Relatively low gas prices, sweet lease deals, low interest rates, easy-to-get loans and an aging fleet of cars are driving the increase.

But some analysts declare there are troubling signs for automakers beneath the numbers. Latest mo had two more selling days than a year ago, and spending on discounts is on the rise. Also increasing are low-profit sales to rental car companies, which some automakers utilize to boost their numbers.

Reduction spending, while excellent for new-car buyers, cuts profits and hurts used car values. High incentive spending is one of the factors that led to the industry'south financial troubles in two thousand-eighth. The auto pricing site TrueCar. com said automakers averaged just over $3.000 in discounts per vehicle in March, up more than 10 % from a year ago.

The expand comes mainly because automakers are having trouble selling cars as the U. S. market shifts to trucks and SUVs, according to J. D. Power and Associates. Discounted cars can thrust down used car values so buyers have less to trade in, said Thomas King, a J. D. Power vice president. "Significant declines in the cost of used cars would disrupt consumers' skill to purchase new vehicles," King said in a statement.

Incentive spending latest mo rose toward recession-era levels, King said. Discounts on cars grew to 12.3 % of the manufacturer'south sticker price latest month, but truck and SUV discounts stayed stable at 8.2 percent.

At Fiat Chrysler, car sales fell thirty-four % for the month, but truck and SUV sales rose twenty-three percent. The company sold 34.780 cars and 178.407 SUVs.

Some analysts have predicted that U. S. auto sales will reach a peak this year, but Jeff Schuster, senior vice president of forecasting for the LMC Automotive consulting firm, said the March numbers indicate there'south still room for growth.

"We're not necessarily seeing weakness," he said. "We're just seeing slower growth."

LMC is forecasting sales of 17.8 million vehicles this year, up 1.9 % from the two thousand fifteen record of 17.5 million. Latest year sales grew by nearly six % over 2014.

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