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July new vehicle sales remain steady
Thursday, July 26, 2012
New vehicle sales remained steady in July, according to new data analysis from Kelley Blue Book.
The seasonally adjusted annual rate of new car sales is expected to reach the 14 million mark for July, which is on par with the pace of 14.3 million set so far through the first half of this year, says Kelley Blue Book, the top provider of new and used vehicle information.
Part of the reason for the new car sale figures for July is pent-up demand and affordable pricing allowing for vehicle sales to remain constant, despite other economic factors working against them.
"Mid-size cars remain the top-selling segment in July," said Alec Gutierrez, senior market analyst of automotive insights for Kelley Blue Book. "The redesigned Toyota Camry has been a favorite among consumers since launching earlier this year, and we expect the redesigned 2013 Nissan Altima to add further fuel to the fire this month. The segment only stands to push industry sales further later this year when the hotly anticipated redesigns of the Honda Accord, Ford Fusion and Chevrolet Malibu arrive at dealerships."
The daily selling rate for new cars is expected to reach and even surpass the 48,300 mark in terms of light vehicles sold per day, which is higher than last month's 47,500 per day and close to 19 percent higher than the pace set in July last year, when sales were still struggling as the result of inventory shortages.
"Consumers had even more options to choose from last month as the highly anticipated all-new 2013 Nissan Altima, Ford Escape and Dodge Dart went on sale for the first time," Gutierrez added. "These vehicles have received favorable reviews thus far and only add to an already-robust selection of strong redesigns and introductions from nearly every manufacturer across all product categories that have hit showrooms in the last few years."
On a brand-by-brand basis, American Honda led the way on a year-over-year basis with a 38.3 percent increase, while Toyota Motor Company posted a 28.6 percent increase over that time and Volkswagen with a 21 percent increase. The only major company that posted a decline was Ford Motor Company, which registered a 0.3 percent decline during that time.
Ford recently released a statement addressing its lackluster sales numbers in the second quarter of this year, which are due in part to turmoil in Europe.
Investors can use their knowledge of the auto industry and sales figures to influence their online stock trading decisions.
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