Auto sales had a great February [Video]
Posted on Monday, March 14, 2016 at 12:35:52 PM
As 2015 came to a close, analysts looked back at the year's record auto sales numbers and concluded that there was likely no way to go but down. Conventional thought said sales had reached their peak at 17.5 million. So far in 2016, however, consumers have done their best to prove expectations wrong.
February was a great month for car sales as drivers rode a wave of cheap gas and accessible auto financing to showrooms across the country. The New York Times reported that estimates call for an 8 percent rise in sales from January. Analysts pinned February's seasonally adjusted annual sales rate at 17.7 million vehicles.
"February had an extra day this year, but that alone can't account for the massive new vehicle sales reported last month," Karl Brauer, a Kelley Blue Book analyst, told The Times.
Ford had a particularly good month, with sales up 20 percent from one year earlier, according to the Associated Press. Honda saw a 13 percent increase and Fiat Chrysler a 12 percent boost. Pickups and sport utility vehicles were most in demand, directly benefiting the American automakers.