November New Car Sales Are Strong
New car sales in November were extremely strong, with a 16.4 million vehicle sales rate, which is a 7.2 percent increase over the new car sales rate in November 2012.
Chrysler Group saw a 16 percent increase in sales compared to November 2012, while General Motors saw a 19 percent sales increase. Ford sales were up 7 percent compared to November 2012. The automaker reported its best November sales since 2004.
Reuters reports, “Major automakers reported their best U.S. sales month in six and a half years in November as aggressive discounting and the continued popularity of big pickup trucks helped trounce Wall Street forecasts.”
The Detroit Three weren’t the only car companies that experienced sales gains in November. Honda reported its second-best November sales, while Hyundai set a new November sales record. Toyota sales in the U.S. increased by almost 6 percent compared to November 2012.
Alec Gutierrez, a senior analyst at Kelley Blue Book, says, “Sales were aided during the last weekend of the month as manufacturers added Black Friday deals to already generous discounts that were in place due to the model-year changeover.”
The generous deals carmakers offered in November helped drive sales, and many carmakers will offer special holiday and year-end promotions in December. However, the best deals in November tended to be on cars from the 2013 model year. If the strong sales pace continues, those models may end up being in short supply.
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