U.S. Auto Sales Pace Accelerates
Updated Sept. 1, 2015 4:27 p.m. ET
U.S. car and truck buyers veered around a jittery stock market in August and snapped up vehicles at the fastest sales pace in 10 years, lured by financing incentives, low fuel prices and optimism toward the economy.
The seasonally adjusted annual rate of sales for light vehicles rose to 17.8 million compared with 17.3 million a year earlier and was the highest since July 2005, according to researcher Autodata Corp. August was the fourth consecutive month that adjusted sales remained above the 17 million mark.
Still, total light vehicle sales fell slightly last month to 1.57 million from 1.58 million a year earlier, Autodata said, largely on a quirk of the calendar. August volumes were dented by one less selling day than the same period in 2014 and by the absence of Labor Day weekend sales, which this year is deeper into the month. That, and weakness in sedan sales, led five of the top 10 sellers in the U.S. to report declines compared with the same month a year earlier.
Ford Motor Co., the No. 2 U.S. auto maker by volume, reported a 5.6% increase in August sales to 233,880 light vehicles as its trucks and sport utilities flew off dealer lots. Its redesigned F-150 pickup—its top seller and most profitable line—has been closely watched, and August’s numbers indicate demand is solidly rising.
Fiat Chrysler Automobiles NV enjoyed a lift from its Jeep SUVs and Ram trucks, posting a modest increase of 1.7% over a year earlier with 201,672 vehicles sold, its 65th consecutive monthly gain.
General Motors Co.’s sales fell less than 1% to 270,480 vehicles, but the company attributed the decline to a deliberate pullback in sales to less profitable fleet customers, including rental-car firms. Its car sales fell nearly 25%.
Japanese auto makers, less focused on pickup trucks and sales to fleet buyers, had a bumpy month.
Toyota Motor Corp.’s sales dropped nearly 9%,
Honda Motor Co.’s slid nearly 7% and
Nissan Motor Co.’s were off nearly 1%, all over the same month a year earlier.
