Edmunds.com Senior Analyst Jessica Caldwell commented “There was great pressure from automakers to close June strong, especially after the unexpectedly weak Memorial Day holiday weekend in May. It is the end of a quarter so undoubtedly they wanted to finish big. Two weak months in a quarter would make for unfavorable reporting.”
Edmunds.com Senior Analyst Michelle Krebs added, “High auto sales volumes in June can be attributed to pent-up demand, some targeted incentive programs, low interest rates and falling gas prices. According to one of the latest consumer confidence surveys, consumers think now is a good time to buy a car, and they are finding deals on the 2012 model year vehicles that need to be cleared away. The Big Three’s full-size pickup trucks increased over last year because of declining gas prices, low interest rates, signs of life in the housing market and dramatic pent-up demand. The pickup trucks on the road today are even older than the cars.”
As Edmunds.com Chief Economist Lacey Plache pointed out in her recent report on pent-up demand at http://www.edmunds.com/industry-center/commentary/whos-not-buying-new-cars.html: “Edmunds.com estimates that nearly 11 million sales were lost during the recent recession years, of which there could be at least four million new car buyers still waiting to come back to market.”
On Ford:Edmunds.com Senior Analyst Michelle Krebs stated: “Ford seems to be successfully managing a tricky balancing act as it sells down two outdated versions of its highest-volume models, the Escape SUV and the Fusion sedan. In June, sales of the old and new Ford Escape combined to reach the model’s highest monthly sales volume on record, while the old Fusion generated the best June sales ever for that model awaiting the arrival of the new one this fall. Ford trucks also sold well in June, thanks to declining gas prices, low interest rates, signs of life in the housing market and dramatic pent-up demand. The pickup trucks on the road today are even older than the cars.”
On GM: Edmunds.com Senior Analyst Michelle Krebs stated: “GM was running on all four cylinders in June with all four of its brands finally showing year-over-year increases after not seeing that trend in recent months.
The Chevrolet Malibu had a great month with sales over 30,000, with the 2013 Malibu Eco in that mix. Other models of the newly designed Malibu go on sale this month. Higher Malibu sales, though, came at the expense of the Chevrolet Cruze, which had lower sales. Perhaps consumers figure they can get a bigger car for not much more money with not a huge hit on fuel economy. The Chevrolet Volt had another decent month with 1,760 units sold, though GM has lowered its original target for full-year sales.
Cadillac had a stronger performance than it has in some time as it awaits the launch of its two new models, the ATS and XTS, which hit the market soon. Buick also turned it around in June.”
On Chrysler: Edmunds.com Senior Analyst Jessica Caldwell commented: “Chrysler is benefiting from increased interest in SUVs and trucks due to the softening of gas prices. It also helps that this time of year is seasonally strong for minivans. All of those segments are key components of Chrysler sales.”
American Honda: American Honda Reports June Auto Sales: 48 Percent Surge Nets Best June Sales Since 2008; Honda CR-V and Acura RDX Set Best-Ever June Records
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