New car retail sales rise in March
Monday, March 26, 2012
J.D. Power and Associates, in conjunction with LMC Automotive, released a report that indicates strong new car retail sales on a year-by-year-basis in March, with that pace expected to continue through the end of the month.
Projected new car retail sales for March are expected to hit 1,085,800 units, which would mark the highest monthly volume in more than two and a half years and would represent a seasonally adjusted annualized rate of 11.6 million units.
"Each month of strong sales brings with it increased optimism that the pace of growth represents a true recovery for the sector," said John Humphrey, senior vice president of global automotive operations at J.D. Power and Associates. "Barring any future shock related to geopolitical issues in the Gulf region and further upward pressure on the price of oil, we believe sales will continue on a solid pace for the balance of the year."
For Volkswagen, its American made Passat is experiencing so much demand that the auto manufacturer is planning to hire as many as 800 extra workers at its Chattanooga, Tennessee, plant. VW Passat sales for February increased to 8,189, from 6,318 sold the previous month.
Consumers who are interested in how auto companies' sales numbers affect the U.S. stock market can consult discount brokers.
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