U.S. auto sales’ last month had been the country’s fastest pace in three years. The strongest performers last month were Honda and Volkswagen. Sales of American Honda surged by 60% while Toyota Motor Sales' volume rose by 46% last month. The Japan-based automakers continued to recover from last summer’s product shortage because of the massive earthquake.
Double-digit gains were recorded by the Detroit 3 and Hyundai-Kia while Nissan North America increased by 8%. In August, the U.S. sales increased by 20% to 1.28 million light vehicles. This led to a seasonally adjusted annual selling rate of 14.5 million, fractionally the highest SAAR this year.
This has been its best pace ever since the 14.6 million rate recorded in August 2009, which is when the U.S. auto industry was rescued by the cash-for-clunkers program.
Bill Fay, Toyota Division general manager, said that while they have observed plenty of “need” purchases this year, they hope to see more “want” buyers especially since they’ve had the best retail market in a year and a half.
According to Kurt McNeil, General Motors vice president of sales operations, the employment growth in July and the indications of recovery in the housing industry "helped overall sentiment" in August.
McNeil added that during the past year, the auto industry has been doing well and they expect this trend to continue. Volkswagen Group of America had won over the Big 7 automakers, with its sales going up by 48%. It has gained 24% or higher each month this year so far.