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Solid demand drives auto sales higher in June

The major automakers — GM, Ford, Chrysler and Toyota — reported higher domestic sales Tuesday, driven by good demand that shows American consumers remain willing to shell out dollars for a new car.

Chrysler, the No. 4 automaker in terms of new vehicle sales, posted a 20 percent increase in sales year-over-year. It was the Fiat SpA affiliate’s best June sales data since 2007 and its 27th consecutive month of topping sales from the previous year.

Ford Motor Co., the No. 2 automaker, said its U.S. sales rose 7 percent in June, helped by a 28 percent increase in sales of the new Escape SUV. Ford said the Escape had its best month ever at 28,500 sold. Ford also saw strong sales for its Explorer midsize SUV, which was up 35 percent.

General Motors Co., the No. 1 automaker, said its U.S. sales rose 16 percent in June on solid demand for small and midsize cars.

Auto sales are a canary in the coal mine for consumer spending, so the sales increases from the world’s major automakers could indicate U.S. consumers remain somewhat upbeat, despite a stumbling job market, a debt crisis in Europe and signs that the recovery is slowing.

They are also a sign that Americans continue to replace vehicles that they held onto longer while the economy was in the throes of the Great Recession

via Bottom Line.

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