Economy, auto financing rates help boost vehicle sales
Posted on Friday, September 6, 2013 at 12:52:38 PM
An improving economy is a good sign for everyone, and this optimism has had an especially positive effect on the consumer segment interested in purchasing vehicles.
Automotive buyers are emerging in large numbers recently, and vehicle sales are rising at an impressive pace - closing in on levels closer to those before the economic downturn, according to The Wall Street Journal. This could be related to several factors, including affordable automotive financing rates and stronger job growth.
In total, sales reached 1.5 million in August, the news source reported. Quality numbers were helped along by Toyota, with an increase of 23 percent, and Honda, rising 27 percent.
In addition, many financial analysts saw their estimates for vehicle sales eclipsed during this previous month, according to USA Today.
However, Jack Nerad, Kelly Blue Book's executive editorial director, recommended caution. He told the news source that the auto industry is performing better than the U.S. economy as a whole, and any shift there might have a negative impact on sales figures. Nerad also attributed some of the increase in sales to low auto financing rates.
The numbers were also good for several U.S. manufacturers, with Ford reporting more than 70,000 F-series trucks sold in August, and GM witnessing rising stock shares, USA Today noted.