NEW YORK, NY--(Marketwire -09/06/12)- Domestic auto sales have benefited from pent up demand in 2012 as consumers have flocked to showrooms to replace ageing vehicles, which many delayed during the depths of the economic downturn. Currently the average vehicle on the road is a record 10.8 years old. "People have been holding off new purchases for such a long time, since 2008 to now," said Yingzi Su, GM's senior economist. The Paragon Report examines investing opportunities in the Auto Manufacturers Industry and provides equity research on Honda Motor Co. Ltd. (HMC) and Toyota Motor Corporation (TM).
Ford, General Motors, and Chrysler all saw double digit sales gains in August, while Honda and Toyota posted gains of 60 percent and 46 percent as the companies continue to recover from shortages caused by the March 2011 earthquake. U.S. light vehicle sales in August increased 16 percent from the year ago period, to an annual pace of 14.5 million units according to preliminary data from AutoData. The annual rate of 14.5 million is the highest level seen since the government-sponsored Cash-for-Clunkers program in 2009.
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Honda on Tuesday reported that August U.S. vehicle sales gained 60 percent. The company sold 131,321 vehicles in August, an increase of 12 percent from July's totals. "It's clear that demand for Honda products continues to be strong, and we're on track to post our best yearly sales results in four years," said John Mendel, American Honda executive vice president of sales.
Toyota reported U.S. sales of 188,520 units in August, up from the 129,483 in August 2011. The company last month estimated consolidated vehicle sales to be 8.8 million units for the fiscal year 2013. "The driving force behind our growth continues to be strong consumer response to the new models we've launched over the past twelve months and the added value those vehicles represent," said Bill Fay, Toyota group vice president.
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