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Strong vehicle sales reported for May

Posted on Wednesday, May 28, 2014 at 8:24:45 AM

May is shaping up to be a great month for vehicle buyers and those interested in affordable auto financing. So far, sales figures indicate one of the best totals all year, representing a positive trend for the industry.

According to TrueCar, new light vehicle sales are estimated to increase 5.5 percent on a yearly basis and tick up 9.5 percent month-over-month. More than 1.5 million units are predicted to be sold during May. An estimated 3 million used cars are expected to be sold for the month as well.

In addition, Cars.com supported these claims, forecasting the highest seasonally adjusted annualized rate, or SAAR, of new vehicle sales for May since 2007.

"Retail sales were very healthy for nearly all brands in May, fueled by attractive incentives and a great selection of new models for consumers," said Jesse Toprak, chief analyst for Cars.com. "Among major manufacturers, Chrysler had the most impressive performance with a nearly 15 percent year-over-year increase in sales, largely due to the robust growth of its Jeep brand. We expect the SAAR for the rest of the year to track between 16 and 16.5 million units, finishing 2014 with approximately 16.1 million total new light vehicle sales."