Fueled by better products, low-interest loans, cheap leases and intense Labor Day shopping, Detroit car companies beat analysts estimates and reported numerous sales records for brands and models in August, as reported by USA Today.
“The news is even more positive than the overall numbers imply, as individual car buyers, not fleet sales, are behind the surge,” said Michelle Krebs, Edmunds.com senior analyst. Sales incentives of all kinds were down 3 percent from from July to $2,374, Edmunds.com estimates, though were up 3 percent from last August, according to USA Today.
Big trucks and SUVs lead a remarkable rebound that beat analysts estimates, the newspaper reported.
General Motors—which had sales increase by 15 percent—said pickup sales rose 15 percent and large SUV sales increased 29 percent. The car maker said the economy appears steady, and that it is, thus, well-positioned as it looks ahead to redesigns of its full-size SUVs and its heavy-duty pickups going into production in the first quarter next year, according to USA Today.
Read more here.