In fact, this past May, automakers racked up one of the best sales months since the Great Recession, putting to rest any doubt that the auto industry is still in trouble. The total May sales in the United States were at 1.6 million vehicles, which is up by an impressive 11.4% from May of last year.
Through the first 5 months of this year, car manufacturers are on pace to sell more than 16 million vehicle. That would be the best year since 2006.
In an interview with the Los Angeles Times, Kelley Blue Book analyst Jack Nerad said, “In a month that included dismal consumer confidence scores, and the announcement that the American economy as a whole had actually contracted in the first quarter, auto sales were very robust.”
Astonishingly, almost every manufacturer is experiencing a serious surge in sales, including GM who sold more vehicles than any other company with 284,964 total vehicles. That’s an incredible 12.6% increase in sales from last year.
Engrossed with one of the biggest scandals of all-time, it may seem that a great year for GM would be unlikely. However, GM did just win the North American Car and Truck of the Year earlier this year and consumers seem to be impressed with their latest products.
The sale statistics (units sold/ increase in sales from 2013) rankings of May go as follows:
- GM- 284,964 units: 12.6% increase
- Ford- 253,346 units: 3% increase
- Toyota- 243,236 units: 17% increase
- Chrysler- 194,241 units: 16.7% increase
- Honda- 152,603 units: 9% increase
- Nissan- 135,934 units: 18% increase
- Hyundai- 70,907 units: 3.7% increase
- Mazda- 29,732 units: 22.5% increase
Automotive sales have been so good in 2014 that many are hopeful that the industry can continue to bolster the entire American economy.
Senior economist Beth Ann Bovino says, “Auto sales have been one of the bright spots for the economy, there is no doubt about it… I am expecting a pretty nice rebound in the second quarter, a healthy 3.7% bounce in the GDP. Auto sales should be a factor.”