New cars moved off lots in June at a clip not seen since before the recession. Low interest rates and easy credit helped boost auto sales nationwide, and analysts don’t expect the pace to slow anytime soon.
Ford and Nissan reported double-digits sales increases, 13.4 percent and 12.9 percent, respectively; Toyota and Chrysler trailed them closely. General Motors came in a little further behind, at 6.5 percent.
Sales of pickups continued to be strong last month, with the housing rebound spurring small businesses and housing contractors to replace aging trucks. GM led the group, with an increase of 29 percent year-over-year. Ford’s pickup sales rose 24 percent from a year earlier, while sales of Chrysler’s Ram pickups were up 23 percent.
CNBC auto reporter Phil LeBeau said that consumers tend to add bells and whistles—including being connected, heated seats and automatic starters—which all add up to the total due. All the upgrades add up to an average transaction price of $31,663, according to the Kelley Blue Book.
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- Consumer Discretionary