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Fiat Chrysler’s October sales rise 15 percent
Fiat Chrysler AutomobilesFCAU 1.71 % NV on Tuesday posted a 15% leap in October US auto sales, propelled by the month having five weekends and searing demand for the auto maker’s Jeep brand.
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Fiat Chrysler Automobiles said the USA auto industry’s October sales will top 18 million on an annualized basis, well above the expectations of industry analysts. Sales were just over 170,000 a year ago. Toyota did not give a specific sales figure, and would issue one later Tuesday morning.
Analysts expect this to be the strongest October since 2001 with overall sales rising more than 11 percent.
Gutierrez said US auto sales are expected to remain strong because jobless claims are at a historic low, the national unemployment rate has declined to about 5%, fuel prices are at six-year lows and interest rates also remain low. Fiat Chrysler sold nearly 41,000 Rams for a 3 percent gain over previous year.
“The industry remains hot with October marking the third month this year of double-digit growth”, said Eric Lyman, TrueCar’s vice president of industry insights, said in a statement. TrueCar said automakers spent 14.1 percent more than last October on cash-back promotions and other deals.
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There were other favorable factors. Truck sales in October were up about 15% year over year, while vehicle sales have slipped about 2.6%, according to J.D. Power. “Interest rates are still low, which helps move vehicles off lots for consumers ready to buy”. FCA continued its streak of year-over-year sales gains, pushing the number to 67 consecutive months.