September U.S. auto sales jumped as the addition of Labor Day weekend deals sweetened results for the Big Three auto makers, who all turned in double-digit percentage increases.
U.S. consumers splurged in September, propelling car sales to a blistering pace as the industry heads into the final three months of the year.
General Motors Co. logged a 12.5% increase to 251,310 vehicles, as consumers continue to snap up redesigned pickups and SUVs. Sales for the GMC brand were up 23.8% for the month.
The auto maker said it expects the seasonally adjusted annualized selling rate to hit 18.3 million for September, a level not seen since July 2005, when the SAAR hit 20.9 million.
Fiat Chrysler Automobiles NV sold 193,019 vehicles for September, compared with 169,890 in the same period last year. That is a 13.6% boost, which extends the company's sales-gains streak to 66 months. Both the Dodge Journey, up 45%, and Jeep Cherokee, up 38%, posted all-time sales records.
Ford Motor Co. reported 221,269 light vehicles sold in the month, up 23.3% from last year. Sales of the F-series jumped 28%, putting total truck sales to their highest level in nine years.
Car shoppers are still enjoying low interest rates, cheap gas and a strengthening economy, spurring the mind-set to buy. The September numbers also received an unusual lift from a late Labor Day weekend. Typically, Labor Day sales bolster August results.
As car makers' tallies roll in Thursday, industry watchers will be looking at Volkswagen AG numbers to see how the fallout from its emissions scandal will affect sales. The Environmental Protection Agency accused the German auto maker on Sept. 18 of using software to sidestep emissions testing on its diesel vehicles. VW apologized and vowed to fix the cars.
For the month, auto sales were expected to increase 12% year-to-year to a total of 1.39 million vehicles, according to Kelley Blue Book. The average new-vehicle transaction price was expected to hit $33,730 for the month, an increase of $660 from the same period a year earlier.
Online car buying service TrueCar Inc. on Thursday raised its annual forecast to 17.4 million vehicles, citing sales growth in the remaining months of the year "poised to remain vigorous." That would be the highest volume since 2000.
Write to Jeff Bennett at jeff.bennett@wsj.com
(END) Dow Jones Newswires
October 01, 2015 10:05 ET (14:05 GMT)
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In the interim, U.S. automakers will get the opportunity to build up their rainy-day funds as IHS sees U.S. sales peaking at sales of 18.2 million vehicles in 2017. Sales will slide back down to about 17 million by 2022, Chesbrough said, according to Chesbrough.
IHS isn’t alone in its boom cycle prediction for auto sales. The National Automobile Dealers Association also believes the current trend of strong sales should continue, although its tea leaves suggest the up cycle is shorter with 2016 being a record-setting year and 2017 beginning the slide back to more normal sales levels.
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