U.S. Auto Sales to Rise Steadily - Analyst Blog
March 01 2013 - 8:20AM
Zacks
U.S. Auto sales in February are expected to rise steadily as it
did in the past three years. The two major automobile information
websites, TrueCar.com and Edmunds.com have projected light-vehicle
sales of 1.2 million units for the month, which implies a 4%–6%
year-over-year increase.
Based on this projection, seasonally adjusted annualized rate
(SAAR) of sales is expected to go up to 15.7 million units from
15.3 million units in January. According to TrueCar, the estimated
February SAAR is the highest since 2007.
TrueCar analyst Jesse Toprak is particularly enthralled due to the
higher full-sized pickup truck sales by small businesses during the
month, despite increasing gasoline prices. Strong pent-up demand
for full-sized pickup trucks is expected to be the key driving
factor of growth in the automotive industry in 2013.
Auto sales in the U.S. grew 14.2% to 1.04 million vehicles in
January. Apart from strong pent-up demand, friendlier banks
contributed to the growth as they offered greater access to loans
on easier terms and with lower interest rates. Further, improving
job market boosted the consumer sentiment to purchase new cars.
Most of the major automakers posted double-digit rise in sales in
the month. Toyota Motor Corp. (TM) topped all the
automakers in terms of sales growth. The company reported an
impressive 26.6% jump in sales to 157,725 vehicles, driven by
strong sales of Camry and Corolla cars.
Among the U.S. automakers, General Motors Company
(GM) posted a healthy 15.9% rise in sales to 194,699 vehicles in
January, driven by strong Chevrolet Silverado and GMC Sierra pickup
truck sales. Ford Motor Co. (F) sales spiked 21.7%
to 165,863 vehicles, driven by impressive sales of all new Fusion
sedan, Explorer sports utility vehicle and Escape compact
crossover.
Among the European automakers, Volkswagen AG
(VLKAY) posted a 6.6% rise in sales to 29,018 vehicles. It was the
company’s best January in the U.S. since 1974. The Korean automaker
Hyundai Motor Co. sales edged up 2.4% to 43,713 vehicles.
FORD MOTOR CO (F): Free Stock Analysis Report
GENERAL MOTORS (GM): Free Stock Analysis Report
TOYOTA MOTOR CP (TM): Free Stock Analysis Report
VOLKSWAGEN-ADR (VLKAY): Get Free Report
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