Honda reported an 8.6 percent increase in October sales that fell short of the averages estimate for a 9.1 percent gain.
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Fiat Chrysler Automobiles NV (NYSE:FCAU) announced on October 30 that it will recall about 893,698 vehicles due to issues of faulty deployment of airbags and anti-locking braking systems.
No specific sales figure were released by Toyota, but did say later on Tuesday one would be released. That puts within reach the annual record of 17.35 million set in 2000.
“The consumer is driving this”, Jeff Schuster, an analyst for LMC Automotive, said in an interview.
The U.S.is speeding toward what could be a record year for auto sales.
Pickup truck sales also helped Fiat Chrysler sales grow. In addition, Dodge Journey, Jeep Cherokee, Jeep Compass, Jeep Wrangler, Ram ProMaster and Brampton-built Dodge Charger and Dodge Challenger each recorded their best October sales ever. Even the company’s worst performing brand, Cadillac, posted gains for the month.
Fiat Chrysler reports an October sales jump of almost 15%. Ford and Toyota reported 13 percent gains. But sales were down 4.5 per cent at Lincoln. The company sold nearly 41,000 Rams, a 3 percent gain over a year ago for FCA’s top-selling vehicle. This lead the authorities to open an investigation on how the company’s efforts to remedy the problem were not enough.
Automakers reported the best two-month stretch of USA sales in 15 years, another sign that the nation’s economy is improving.
– Nissan sales rose to just over 116,000. Chevrolet was offering zero-percent financing for up to 72 months on a 2015 Camaro, while Toyota advertised $2,000 cash back on a 2015 Avalon sedan.
There were other favorable factors. A Reuters poll of 45 economists showed expectations of a seasonally adjusted annualized sales rate of 17.7 million vehicles for last month.
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That’s putting a lot more money in auto buyers’ pockets. In fact, the report noted that the top three vehicles sold in October were all pickup trucks, led by Ford’s F-Series. Automakers benefited from five weekends in October compared with four weekends in October 2014. Incentive spending usually declines in November and picks up again in December, but Mark LaNeve, Ford’s US marketing chief, said he’s already seeing Black Friday vehicle deals advertised on television.
