Analysts predict that an increase in truck sales also contributed to an increase in overall US auto sales in February and the trend will continue throughout 2013.
“Pent-up demand for pickup trucks by small businesses will be a critical factor in this year’s continued sales recovery, ” said Jesse Toprak, senior analyst for TrueCar.com.
Small businesses have postponed their plans to replace their pickups until the economy improves, but GM, which will bring redesigned models for its fullsize pickups beginning this spring, is confident that it will prompt pickup customers to re-enter the market. GM also offered attractive discounts in December to get rid of its old models, a move which put pressure on its rivals, such as Ford, making them to give discounts too.
“We expect GM to continue incentivizing its large pickup trucks and SUVs to sell down inventory, while Ford has also been very active with new incentives and offers in the month of February,” Nesvold said.
TrueCar.com forecasts that the SAAR for US auto sales this month would be around 15.7 million vehicles, an increase from 14.5 million in February last year. Nesvold predicted 15.3 million vehicles, the difference between the two forecasts means that sales will increase either by under 6% or above 6%.