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New car sales steady in June
Wednesday, June 27, 2012
New data analysis from Kelley Blue Book on the state of new car sales in June found that they remained steady at a 13.9 million seasonally adjusted annual rate.
The rate was up slightly from the 13.8 million unit pace registered in May this year, according to www.kbb.com, the top provider of used and new car information.
"It's a buyer's market right now, with consumers flocking to the Internet and dealerships upon news of low interest rates across the board, ample credit availability for subprime borrowers, attractive cash incentives on vehicles in every category, and compelling new redesigns and introductions," said Alec Gutierrez, senior market analyst of automotive insights for Kelley Blue Book. "Although sales are expected to decline from May's high, the expected drop is just part of the normal seasonal pattern."
On a brand-by-brand basis, Honda and Toyota led the year-over-year gains as their sales are projected to improve by 50 percent and 70 percent respectively. But not all automakers posted such big gains, as Ford Motor Company only registered a 1.4 percent increase on a year-over-year basis and General Motors posted a 7.3 percent increase on a yearly basis while Hyundai-Kia recorded a 9.6 percent increase.
"Toyota has occupied the top position in monthly retail sales volume in the United States twice this year, and we expect it to continue to gun for the No. 1 position in the United States moving forward," Gutierrez added. "In addition, we expect to see a boost in Ford's retail sales volume in the months ahead, especially with the arrival of its redesigned 2013 Escape and Fusion. Each of these vehicles will be among the most fuel efficient in their respective classes, enticing consumers seeking to minimize fuel expenses."
Prior to the official numbers being released, J.D. Power and Associates, along with LMC Automotive, released a report that projected double-digit growth on a year-over-year basis when it came to new vehicle retail sales in June.
Total light car sales for the month are projected to reach 1,265,900 units, which would mark a 16 percent increase compared with June last year.
Investors should know how the state of the auto industry and sales factor in to the state of the overall economy and how those factors can influence their online stock trading actions.
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