TrueCar: Sales forecasts stronger in October
Posted on Friday, October 24, 2014 at 9:15:10 AM
Vehicle manufacturers across the world are banking on a strong showing from U.S. buyers, hoping that affordable auto financing, enticing incentives and other deals get people into dealerships.
According to Bloomberg News, sales have been struggling in Europe, China, Russia and other major markets. That means more pressure is on the U.S. to perform in order for manufacturers to support their bottom lines.
And, it seems that initial reports show that U.S vehicle sales have answered the call. TrueCar reported that the seasonally adjusted annualized rate is at 16.3 million for October, while new light vehicle sales have increased 5.9 percent on a yearly basis. Fiat Chrysler is in position to claim the top spot for yearly gains, with an uptick of 21.8 percent.
"Fiat Chrysler's growth, fueled by Jeep and Ram, has set up a dogfight this month, with FCA, Ford and Toyota battling for second place behind GM in total volume," said John Krafcik, president of TrueCar. "Industry-wide, we're looking at the strongest October since 2004, with incentive spending at healthy levels, and on-track to finish the year at 16.4 million units."
Other manufacturers that performed well in the U.S. this October include Honda, Hyundai, Kia and Nissan, among others, according to TrueCar.