by Calculated Risk on 9/03/2014 02:51:00 PM

Based on an WardsAuto estimate, light vehicle sales were at a 17.45 million SAAR in August. That is up 10% from August 2013, and up 6.4% from the 16.4 million annual sales rate last month.

This was well above the consensus forecast of 16.5 million SAAR (seasonally adjusted annual rate).

Click on graph for larger image.

This graph shows the historical light vehicle sales from the BEA (blue) and an estimate for August (red, light vehicle sales of 17.45 million SAAR from WardsAuto).

From WardsAuto:

August's 17.45 million-unit seasonally adjusted annual rate of sales is the industry's highest monthly SAAR since January 2006.

The 103-month high was set as rising automaker incentives intersected with a strengthening economy and growing consumer confidence to boost deliveries well past 1.5 million units, for an industry wide 9.3% rise in daily sales.

The second graph shows light vehicle sales since the BEA started keeping data in 1967.

Note: dashed line is current estimated sales rate.

Unlike residential investment, auto sales bounced back fairly quickly following the recession and were a key driver of the recovery.

This is the highest sales rate since January 2006.