A terrific October beats auto sales projections
Posted on Tuesday, November 3, 2015 at 10:15:17 AM
Toyota Motor Corp., Fiat Chrysler Automobiles NV and Nissan Motor Co. all reported sales in October that beat the already blockbuster estimates offered by analysts. According to Bloomberg Business, Fiat Chrysler projected a seasonally adjusted annual rate (SAAR) of 18.5 million, outpacing the 17.7 million estimate. If the hard sales figures bear out the projections - and they likely will - October's sales will beat September's 18.2 million rate - already the fastest rate seen in more than ten years. Not since February 2000 have there been back-to-back months with an 18 million pace or higher.
Job growth, falling fuel prices and the availability of auto financing options have all contributed to encouraged consumers replacing their older vehicle models. With the exception of Volkswagen AG, still trying to right the ship after a diesel-emission crisis, every major auto manufacturer was expected to report increased October sales. Sport utility vehicles, Jeeps in particular, saw major sales jumps.
Kelley Blue Book released a press release which found that the estimated average transaction price (ATP) increased by 1.4 percent, or $458, from October 2014. Transaction prices for certain types of vehicles, Jeeps and other SUVs among them, rose higher than industry averages.