JUNE AUTO SALES BETTER THAN EXPECTED
UP 22% TO 14.1 MILLION SAAR
Vehicle sales pushed past estimates in June, breaking the 14 million mark in the seasonally-adjusted annualized rate (SAAR), and rising 16% over last June’s levels. More great news for auto dealers ---the transaction price for the average light vehicle during the month was $30,508, up 2.9% from June 2011 and 0.5% from May.
Toyota continued to be the big story, rising from the ashes of the earthquake/tsunami last year to a 60% increase in sales in June. For the fourth straight month, it was the top retail seller in the U.S., though GM and Ford sold more cars overall, including fleet purchases. Sales for the Toyota division, including the best-selling car in the country, the Camry, were up 55%; Lexus sales rose 86% and Scion sold 144% more cars in June. Toyota’s share of the market rose to 13.8% from 10.5% a year ago.
Toyota is now predicting the year will end with a SAAR of 14.5 million, up from its previous prediction of 13.5 million. “We see pent-up demand and low interest rates continuing to drive people into showrooms,” says Toyota Division GM Bob Carter.
Read the full story in today's Spots N Dots.