Black Friday automotive sales outperformed expectations leading to the best November for US dealers since since 2003.
According to research firm Autodata, sales rose to 17.2 million last month, up 5.58 percent year-on-year, on a seasonally adjusted annualized rate (SAAR) basis. This was also well above the 16.7 million SAAR projected by Edmunds.com.
“Black Friday has established itself as the start of the final epic selling season of the year, and this year that season has started earlier than ever,” John Krafcik, president of TrueCar, in a statement.
Historically, the spending frenzy on the Friday after Thanksgiving was reserved for malls and box box retailers, which sold deeply discounted electronic products and other items made to fit nicely under a Christmas tree.
But US carmakers have thrown their hat into the ring over the past couple years, running expensive holiday advertising campaigns and Black Friday sales events.
General Motors delivered 225,818 vehicles last month, up 6 percent compared to a year ago and significant better than the Edmunds.com forecast of 213,418. This also marks the company’s best November sales in seven years.
“The buzz around Black Friday helped drive strong showroom traffic but there was a lot more at work in the market,” Kurt McNeil, US vice president of sales operations, said.
“More people have jobs and job security, their wages are starting to increase, household wealth is growing and low pump prices look like they’re here to stay through 2015. All of this helped deliver an exceptional month and it will help keep auto sales at very healthy levels going forward,” he added.
Chrysler sold 170,839 cars and trucks last month, up 20 percent from November 2013 of 142,275 vehicles and easily beating the 163,486 forecast. The company now has 56th consecutive monthly sales gains year-over-year.
Ford sales totalled 187,000 vehicles in November, down 2 percent from a year ago butinline with expectations as the company manages its inventory levels as vehicle availability starts growing for the all-new Ford Mustang, F-150 pickup truck and Transit models.
Sales of the F-150 pickup were down 10 percent to 59,049 as the automaker began a changeover to the redesigned 2015 model that will feature an aluminium body.
Toyota reported total November 2014 sales results of 183,346 units, an increase of three percent over November 2013 on an unadjusted volume basis and slight better than the Edmunds.com forecast of 180,876.
“Auto industry sales during Thanksgiving weekend were even better than expected,” said Bill Fay, Toyota division group vice president and general manager. “Consumer demand for light trucks continues unabated and Toyota dealers set new November sales records for light trucks and SUVs.”
As for other carmakers, Honda sold 121,814 vehicles in the month, up 4.6 percent, while Nissan saw sales decline by 3.1 percent to 103,188.
The post Deliveries soar in November on strong Black Friday tally appeared first on The Bullion Desk.
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