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Tuesday, July 02, 2013

June Vehicle Sales: Preliminary Reports suggests highest sales rate since 2007

by Calculated Risk on 7/02/2013 01:32:00 PM

Note: I'll post a graph for light vehicle sales once all of the data is available. The data released so far looks pretty strong ...

From the WSJ: U.S. Car Sales Pace Hits Five Year High

U.S. auto sales rose at the strongest rate in more than five years in June, propelled by a surge in pickup truck demand, lending new confidence to industry executives' belief the nation's auto recovery has more room to run.

General Motors Co predicted June's annualized selling clip would hit 15.8 million cars and light trucks. That would be the fastest selling pace since November of 2007. A total for June was not available early Tuesday because some auto makers were still calculating their sales figures.
And from CNBC: Trucks Power Strongest June Auto Sales Since 2007
The auto industry looks to have hit another gear when it comes to sales growth. In fact, the June sales pace is expected to be the strongest since December of 2007. This time though, the environment is completely different. Back then, automakers, especially the Big 3, were boosting sales by offering big incentives. That's not happening anymore.

"This time there is genuine demand," said former GM Vice Chair Bob Lutz. "The economy is improving and people are replacing their cars and trucks."