Fiat Chrysler November Sales Climb 3%
December 01 2015 - 8:40AM
Dow Jones News
Fiat Chrysler Automobiles NV posted a 3% gain in November U.S.
auto sales as Black Friday deals against a favorable economic
backdrop helped buoy a traditionally sluggish month damped by fewer
selling days.
Car sales are on track to reach their highest November sales
volume since 2001, and analysts say that the month's tally will
indicate whether 2015 could set the all-time annual record.
Fiat Chrysler sold 175,974 vehicles—its best November since
2000—compared with 170,839 for the month last year, extending the
Italian-U.S. auto maker's sales gains streak to 68 months. Jeep
brand sales soared 20%, with the Cherokee, Compass, Patriot and
Wrangler each recording their best November ever. The Dodge
Challenger, Dodge Journey and Ram pickup truck also posted records
for the month.
Car-researching firm Edmunds.com had projected a 3.4% increase
for Chrysler.
Car shoppers continue to drive away in larger, pricier vehicles
amid low interest rates, cheap fuel and a stronger economy. Growth
in November comes despite the month having only four selling
weekends for the first time since 2012 and the fewest selling days
of any month since 2013, according to J.D. Power.
Edmunds.com analyst Jessica Caldwell says car dealers in recent
years have embraced Black Friday as a big sales driver and since
2010, November has brought one of the three best seasonally
adjusted annual rates in each year, with Thanksgiving weekend
raking in twice as many sales as any other weekend in the month
last year.
Those trends are expected to continue this year, and the U.S.
auto industry could post its third-consecutive annual sales rate
above 18 million units.
WardsAuto is calling for 1.33 million light vehicles to be
delivered over November's 23 selling days—pushing the daily selling
rate to a 12.1% improvement from the month last year. While
new-product launches and inventory clear-out sales keep car
segments in the black, light-truck sales are expected to boom 14.8%
daily, largely on a lift from crossovers.
WardsAuto's forecast for an 18.4 million-unit seasonally
adjusted annual rate would make November the highest month since
July 2005's 20.6-million and the first-ever three-month streak of
18 million-plus results.
Write to Anne Steele at Anne.Steele@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
December 01, 2015 08:25 ET (13:25 GMT)
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