Auto industry sales to rise 11% in July image

July is expected to bring an 11% increase in the new cars and trucks sales, as U.S. consumers took advantage of sales, leasing deals and lending.

Chrysler is expected to report a 22% sales increase, followed by General Motors with 10% despite the intense media coverage of its recall crisis and its popularity struggle.
Today all car producers are scheduled to disclose their cars and trucks sales in the U.S. Automakers sold about 1.45 million new vehicles compared with 1.31 million last year.

Jessica Caldwell, Edmunds.com Senior Analyst, said that “July’s performance is the clearest indication yet that retail buyers are driving market demand. Shoppers are looking past news of recalls and they’re finding affordable interest rates and other incentives that make it easier to buy a new car.”

John Krafcik, president of TrueCar, said that the industry incentives increased by about $200 per vehicle in July and that “the sales are red hot and better than expected, with our forecast up about 10% over last year.”
According to Kelley Blue Book, automotive vehicle evaluation company, despite a shaky start this year, the industry seems now to be on pace to sell about 16.3 million of new cars and trucks by the end of 2014. That means a 4.9% increase over last year and it would be the auto industry’s 5th consecutive year of sales increases.

By Gabriela Florea