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 Ford Motor Company (F) and General Motors Company (GM).
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 levels seen since the government-sponsored Cash-for-Clunkers program in 2009
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Ford Motor Company's U.S. total sales increased 13 percent in August compared with last year -- and 19 percent for retail sales -- with gains in cars, utilities and trucks. "As fuel prices rose again during August, we saw growing numbers of people gravitate toward our fuel-efficient vehicles -- cars, utilities and trucks," said Ken Czubay, Ford vice president, U.S. Marketing, Sales and Service.
General Motors reported August sales of 240,520 vehicles in the United States, up 10 percent compared with a year ago. GM increased its sales to retail customers by 11 percent, making August its best retail month of the year. GM's brands include Chevrolet and Cadillac, as well as Baojun, Buick, GMC, Holden, Jiefang, Opel, Vauxhall and Wuling.
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- Ford Motor Company