Automobile Sales Jump 14% In November, Chrysler Witnesses Huge Gains
Nearly every measurable survey of consumer confidence in the United States during recent months have shown that consumers are not happy with the economy and where we are headed, yet consumers continue to buy automobiles and in November they bought plenty of new rides.
According to a report by the Associated Press automobile sales rose 14% in November 2011, the highest single month jump since August 2009.
Among the month’s biggest winners was Chrysler who watched vehicle sales jump by 45%. Following close behind in terms of overall sales increases was Volkswagen with a 41% increase. Also witnessing double sales games were Ford, Hyundai and Nissan.
While not as impressive both General Motors and Toyota also saw numbers increase by 7%. While not a double digit gain it had to be good news for Toyota who had not seen a gain since April 2011.
When asked why such a large jump in purchases occurred one expert noted:
“Pent-up demand.”
That demand comes because the average car has been on the road for upwards of 11 years, causing the price of getting a vehicle fixed to rise.
One company hurt by the month of November was Honda who witnessed a 6% decline in sales. Honda sales have been falling off since May when their supply chain was severely damaged because of the Earthquake in Japan.
Are you surprised to learn that so many people are buying vehicles despite a general sense of gloom over the U.S. and world economies? I suppose people have to get to work, pick up the kids from soccer practice and just drive in general.
