US: auto sales hit blistering pace in November image

Dealership showrooms were assaulted in November, as the healthy economy, very low fuel prices and generous incentives and offers luring buyers of new cars.

While analysts and industry observers already predicted a healthy growth for the car deliveries last month, all predictions have been simply smashed – according to industry consultant Autodata Corp. the seasonally adjusted annualized rate (SAAR) hit an incredible 17.2 million vehicles. That would be the best result the US automotive industry has seen for no less than 11 years, since 2003. The total figures for the month stood at 1.3 million autos, climbing 4.65 from the same period last year. “This sustained demand for new vehicles was building for years during the recession, and it should continue unless a major shift in economic stability occurs,” comments Karl Brauer, an analyst from Kelley Blue Book.

John Krafcik, president of online shopping service added that early knowledge of the incentive offers and promotions tied to the Thanksgiving holiday and “Black Friday” retail madness buoyed car sales, he added that for the first time in November, average transaction prices of full-size pickups were above the $40,000 mark. Sales of large vehicles have been aided by the lower retail price of gasoline, with the AAA reporting an average price for the gallon of regular gasoline at $2.77 on December 1.

Via Reuters, Bloomberg