US automotive dealers tied a pretty bow on 2014 with yet another robust month of sales in December as cheaper gas, accessible credit and an improved economy brought customers into showrooms.
According to research firm Autodata, US seasonally adjusted, annualized new-vehicle selling rate (SAAR) for December was 16.92 million, up 11 percent year-on-year and the third highest SAAR of 2014. It also surpassed that 16.5 million SAAR projected by Edmunds.com.
“Many factors have helped car sales recently,” Jessica Caldwell, Edmunds.com senior analyst, said. “Low gas prices, a record stock market and the improving economy are making people feel more financially comfortable, and even the weather has cooperated, for the most part.”
General Motors led the way, delivering 274,483 vehicles last month for the company’s best December sales in seven years. Total sales were up 19 percent compared to a year ago, which easily beat the Edmunds.com forecast of 262,191 vehicles. For the year, GM sales were up 5.3 percent.
“Everything you need to have a great month was in place: Consumers felt good about the direction of the economy, interest rates and fuel prices were low, and our dealers did a great job introducing customers to our incredible range of new and redesigned vehicles,” Kurt McNeil, US vice president of sales operations, said.
Ford sold 220,671 vehicles in December, up one percent from a year ago and the company’s best December sales since 2005. However, this was slightly worse than Edmunds.com forecast of 224,914.
For the full year, Ford sales totalled 2,480,942 vehicles in 2014, flat versus a year ago, primarily due to the all-new F-150 changeover and a planned 15 percent reduction in daily rental sales.
Ford is now rolling out its new F-150 that features an all-aluminium body. The revamped design will lower the weight of its signature pick-up truck about some 700 pounds.
“Demand for the all-new F-150 is very high and it now is the fastest-turning vehicle in Ford showrooms, averaging just five days on dealer lots in December,” John Felice, Ford vice president, US marketing, sales and service, said.
FCA US, the company formerly known as Chrysler, reported US sales of 193,261 units, a 20 percent increase compared with sales in December but below the 200,621 forecast.
The group’s full-year sales were up 16 percent in 2014, which was it’s fifth consecutive year of annual sales growth.
Toyota sales rose 12.7 percent in December to 215,057; Honda sales increased 1.4 percent; and Nissan sales climbed by nearly seven percent.
For the full year, Toyota sales rose 6.2 percent to 2,373,771, while Honda and Nissan ended 2014 up one percent and 11.1 percent respectively.
The post Automakers close out 2014 with strong Dec appeared first on The Bullion Desk.
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