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Honda said it had a record-breaking October, selling 131,651 Honda and Acura vehicles, an increase of 8.6 percent.
Analysts have said they expect October sales to be between 8 percent and 12 percent higher than a year ago, and many expect last month’s sales to be the highest since 2001 when automakers offered 0 percent financing in the aftermath of the September 11 attacks. Toyota reports sales later Tuesday. That puts within reach the annual record of 17.35 million set in 2000.
“The consumer is driving this”, Jeff Schuster, an analyst for LMC Automotive, said in an interview. Sales were up 30%.
GM says its sales rose nearly 16 percent last month. The Chrysler 200 midsize vehicle, for instance, posted only a 2 percent sales gain, while Nissan’s cars also were up only 2 percent.
Meanwhile, Ford’s sales jumped 13 percent during the month, to 213,938, which the company said was thanks to interest in its new vehicles. The recently updated Edge saw big gains while Mustang sales more than doubled.
Sales of the Ford F-Series pickups rose by 3.3% in October to 65,500. The company extended its streak of year-over-year sales gains to 67 consecutive months.
That could change. The U.S. Environmental Protection Agency on Monday accused VW of cheating on six-cylinder Audi and Porsche models, a charge VW denies. The projected gains include 14 percent for Ford Motor Co., 12 percent by General Motors Co. and 13 percent for Fiat Chrysler, led by the 31 percent gain that TrueCar projects for Jeep.
Sales of auto models have lagged in the shadow of strong SUV and truck sales this year (and not just at Ford).
Nissan posted sales of 116,047 vehicles in October, a 13 percent increase. TrueCar said vehicle manufacturers spent 14.1 percent more than in October 2014 on cash-back promotions and other deals. Toyota’s were up 10 percent, above expectations.
There were other favourable factors. The overall average transaction price (ATP) for Ford-brand vehicles hit $34,600 in October, up a hefty $1,800 from a year ago. That’s putting a lot more money in auto buyers’ pockets.
Jeep’s sales have been aided by longtime stalwarts Wrangler, up 15 percent last month from a year earlier, and Grand Cherokee, which rose 7 percent, as well as newer ones, like the resurrected Cherokee, which went on sale in 2013, and the Renegade, which started selling in the USA this year. Automakers benefited from five weekends in October compared with four weekends in October 2014.
