Chrysler, Volkswagen and Nissan reported robust sales growth last month, a sign that U.S. car and truck sales will remain strong despite worries about the economy.
All three were above expectations for overall industry growth of about 11 percent as summer clearance deals and low-cost financing trumped buyers’ concerns about the economy.
Chrysler, which was first to report numbers on Wednesday, said its sales rose 13 percent to more than 126,000 cars and trucks — its best July in five years. Volkswagen continued its strong growth with sales up 27 percent, while Nissan sales rose 16 percent.
Toyota and Honda also were expected to do well. Analysts predict all three Japanese automakers will report big gains over July of last year, when their supplies were still limited by earthquake damage in Japan.
Good deals on last year’s models, low- or no-interest financing and strong trade-in values due to high used-car prices all helped sales, as buyers overlooked negatives such as stagnant hiring and the financial crisis in Europe.
via Yahoo! News.