October sales positive for Detroit automakers, industry
Posted on Friday, November 1, 2013 at 12:33:52 PM
New vehicles are popular all across the U.S., led once more by several Detroit automakers and pickup trucks. Affordable auto financing was one contributing factor for the strong figures.
According to Kelley Blue Book, October new vehicle sales are expected to be 11.7 percent higher than the same time in 2012, with a total of 1.22 million units sold.
"The government shutdown didn't impact consumers growing appetite for buying new vehicles," said Alec Gutierrez, senior analyst for Kelley Blue Book. "The expectations were that car buyers would wait on the sidelines, but because of pent-up demand and credit availability, car sales are expected to increase 7 percent from last month."
A recent announcement by the Chrysler Group - representative of the Chrysler, Dodge, Ram and Jeep brands - showed that sales for the major Detroit automaker increased by 11 percent in October, according to USA Today. The Ram truck led the way, with sales up 22 percent for the month.
In addition, General Motors also had a strong October, the news source reported. Total sales increased by 16 percent from the same time in 2012, with Chevrolet and Buick leading the charge - sales grew 14.7 and 31.2 percent respectively. With access to auto financing, more buyers could help drive up sales as 2013 nears its close.