A number of different automakers in the U.S. experienced a great sales month during August, and many experts feel that the increase could indicate that the U.S. economy is finally on the right track.
Chrysler, Ford Motors, General Motors, and Toyota Motors all reported an increase in light-vehicle sales last month, to an annualized 16.1 million vehicles sold, according The Wall-Street Journal, which cited Autodata.
This is the largest increase since October 2007. Experts at WardsAuto had predicted 15.7 million vehicles, whereas Kelley Blue Book predicted 15.6 million sold.
With many dealers running low on popular models, look for companies to increase production before the years end. Ford for example said it will increase production by up to 7 percent year over year in the fourth quarter, which equals approximately 785,000 vehicles.
Ford said its popular models like the Fusion sedans and Explorer and Escape crossovers have been flying out of dealership lots this year, lasting just 13 days in some dealerships.
The automaker has also hired 1,400 new workers at its Flat Rock, Michigan assembly plant to build more Fusions.
"We are selling them as fast as we can get them," said Daemeth Rooney, the general manager of Sunrise Ford in North Hollywood, according to The Los Angeles Times. "We have had trucks and SUVs that sold well, but we have never had a passenger car like this."
GM also recently revealed that it is making some adjustments to its factories to meet the increasing demand of some of its vehicles before winter.
The Detroit automaker sold 275,847 vehicles in the U.S. last month, up 14.7 percent compared to the same time last year.
"This was the best retail (sales) of any month for Ford Motor Co. going back to August 2006," said Ken Czubay, Ford's vice president of U.S sales and marketing, according to The Los Angeles Times.
Chrysler Group sold 165,552 vehicles last month, an 11.5% gain, and Toyota Motor Corp. sold 231,537 vehicles in the U.S. last month, a 22.8% gain from August a year ago.
Honda Motor Co. reported U.S. sales of 166,432 vehicles, a 26.7% increase from a year ago.
Nissan Motor Co. sold 120,498 vehicles last month, a 22.3% increase, and Hyundai sold 66,101 vehicles, an 8.2% increase from August 2012.
"Based on everything we see, the economy is on solid footing, which means the industry should remain strong," said Kurt McNeil, vice president of GM's U.S. sales operations, according to The Los Angeles Times.
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