Auto sales jump 14%
DETROIT (AP) – People are finally replacing the cars and trucks they held on to during the economic slump, giving a big boost to U.S. auto sales in November.
Chrysler, Ford, Nissan and Hyundai were among the companies reporting double-digit gains from last November, which is normally a lackluster month because of colder weather and holiday distractions. This November, buyers were lured by good deals, improving confidence in the economy and the need to trade in older cars.
“Consumers are just starting to say ‘it’s time to start spending money again,'” says Larry Dominique, executive vice president of data for the TrueCar.com automotive website.
An early blitz of holiday advertising helped convince some people that it was a good time to buy. Ken Czubay, Ford’s vice president for U.S. sales, says dealers saw the same rise in sales that other merchants did on Black Friday and the Saturday after Thanksgiving.
Industry sales rose 14 percent to 994,721, according to Autodata Corp. It was also the fastest sales pace since August 2009, when the government offered big rebates for drivers to trade in their gas-guzzling clunkers. U.S. sales would hit 13.6 million this year if they stayed at the same pace they did in November. That’s a far better rate than the 12.6 million in the first 10 months of this year.