Chrysler, Ford, and General Motors reported their largest overall U.S. sales increase since 2007 according to the Associated Press.
Total industry sales are expected to come in at an adjusted annual rate of 15.2 million vehicles once all automakers have reported their numbers. This would make March the fifth consecutive month sales reached over 15 million in the U.S. according to a GM press release.
"Sales of smaller cars have been robust for some time," Kurt McNeil, GM sales chief, said in a press statement. "Trucks have improved in lockstep with the housing market and the strength of the crossover market signals that America's families are more confident about their financial health."
Chrysler saw sales increase five percent overall after selling 171,606 vehicles in March according to a company press statement. The news has to be considered surprising since the company experienced limited inventory for some of their most popular models like their Jeep and Ram trucks.
Ford meanwhile recorded their best overall month since May 2007 as they reported sales increased six percent in March. The company sold 236,160 models last month according to a company spokesman.
General Motors sold 245,950 vehicles in the U.S. last month, up 6 percent higher compared to just a year ago according to a company press release. Retail sales increased four percent overall and fleet sales were up 12 percent.
Last month was the best March GM has experienced since 2008 according to the company release.
"GM delivered its best March sales in five years thanks to a strengthening economy and new products, and we are expecting our third consecutive increase in market share versus last year," said Kurt McNeil, vice president of U.S. sales operations according to a company press release. "Sales of smaller cars have been robust for some time. Trucks have improved in lockstep with the housing market and the strength of the crossover market signals that America's families are more confident about their financial health."
Edmunds predicts that the total industry sales number will increase 5.3 percent due to the overall positive sales numbers reported so far. They expect the overall yearly sales number of vehicles sold to reach approximately 15.5 million models when monthly numbers become official.
This would represent a 24 percent increase from Feb. and the best overall number since May 2007.
"Car shoppers seem unfazed by fiscal issues in the news," said Edmunds chief economist Lacey Plache according to Dow Jones Newswires. "Even though consumer confidence has been up and down so far this year, there are "wealth effects" that are making Americans feel comfortable finally buying the new cars they've been waiting for."
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