November sales show SAAR above 17 million, 2nd time this year
November sales, up 4.5 percent from a year ago, reached a seasonally adjusted annual rate (SAAR) above 17 million for the second time this year, according to NADA analysts.
Low gas prices, low interest rates and Black Friday promotions all helped, but some in the industry said the steadily improving auto sales signal a recovery in the broader economy.
More people have jobs and job security, their wages are starting to increase, household wealth is growing and low pump prices look like theyêre here to stay through 2015, Kurt McNeil, GMês vice president for U.S. sales operations, said in a statement.
With gas prices so low, trucks continued to sell well, making up 53 percent of the U.S. market, up 10 percent from November 2013. Chrysler Group sales jumped 20 percent from a year ago, propelled by the Jeep and Ram truck. GM sales rose 6 percent. Ford was off, down 2 percent. Ford executives said the new Mustang is selling well, and the company is still transitioning to the new all-aluminum F-150, whose sales dropped close to 10 percent last month.
On the non-Detroit side, Honda rose nearly 5 percent, Toyota was up 2.3 percent, and Volkswagen sales rose 3.2 percent after a long decline. International nameplates made up more than 55 percent of the U.S. market.Download Bulletin PDF