DETROIT — The major U.S. and Japanese automakers all posted double-digit U.S. sales gains last month as car buyers snapped up pickup trucks and small cars to lead the industry toward its best month in six years.
Honda reported the biggest gain with sales up almost 27 percent over August of last year. Toyota sales rose nearly 23 percent, while Nissan was up 22 percent. At General Motors, sales were up almost 15 percent for the company's best month since September of 2008. Chrysler and Ford each reported 12 percent gains.
Auto stocks rose, with Ford and GM up around 4 percent. U.S.-traded shares of the Japanese automakers all rose more than 1 percent.
Sales in August ran at an annual rate of 16.1 million cars and trucks, a pace not seen since November of 2007, a month before the start of the Great Recession.
Mustafa Mohatarem, GM's chief economist, predicted that rate of sales is here to stay. History, he said, shows that auto sales follow a trend, and that trend is now back above pre-recession levels.
"With the underlying economy fairly solid and with the still very high average age of the fleet, I have full expectations that we will continue to see a fairly steady industry," Mohatarem said.
The average age of a vehicle on U.S. roads today is a record 11.4 years according to the Polk research firm. That means more people have to replace cars and trucks that they kept through the recession.
While GM didn't officially raise its sales forecast for the year from 15.5 million, Mohatarem said he expects the year to end with sales closer to 15.8 million vehicles.
Also, the industry is on better footing than it was in 2007. Prices are high and automakers aren't resorting to huge discounts to pull customers into showrooms, Mohatarem said.
Consumers are spending at record levels to buy loaded-up vehicles, according to the TrueCar.com auto pricing web site. The average U.S. vehicle sold for an estimated $31,252 last month, up almost $1,000 over August of last year and $24 higher than the previous record in December of 2012. Five automakers, Chrysler, Ford, Honda, Nissan and Volkswagen, all had record-high selling prices last month, according to TrueCar.
High trade-in values are allowing automakers to offer attractive low-cost lease deals. And low interest rates are giving buyers room to add options and still keep monthly payments relatively low. The industry tracking firm Experian said earlier this week that nearly 28 percent of people who financed cars in the second quarter leased them, a record high.
LMC Automotive, an industry consulting firm, is predicting that total U.S. sales last month were close to 1.5 million, about 12 percent higher than a year ago. That's the highest number since May of 2007.
Honda's sales were led by a record month for the popular CR-V. The company sold nearly 35,000 of the crossover SUVs. Toyota sold almost 45,000 Camry midsize cars, up 22 percent from August of last year. The Camry is the top-selling car in the U.S., and sales had been down slightly this year through July.
Ford sold more than 70,000 F-Series pickups last month, the second month this year that sales have topped 70,000 for the nation's top-selling vehicle. Sales of Chrysler's Ram pickup rose 31 percent to more than 33,000. GM's Chevrolet Silverado was up 14 percent to nearly 44,000.
At Chrysler, Jeep sales rose 8 percent for the brand's best August in 11 years. Grand Cherokee SUV sales were up 40 percent. Sales of truck-based vehicles were extremely strong for Chrysler, at more than 120,000. That's nearly three times the company's car sales.
Ford reported sales of more than 221,000 vehicles. Fusion midsize car sales were up almost 14 percent to nearly 25,000.
- About Utah: A Salt Lake hit for 152 years ......
- David Muir takes over ABC's 'World News' from...
- No timeline announced yet for Cottonwood Mall...
- Kennecott hopes project will change mountain...
- 6 financial moves to prevent sleepless nights
- Feds eye stricter rules for railroad rights...
- It's not just Hello Kitty: Japan's character...
- 3 ways insurers can still avoid covering the...
- 10 things to know about corporate... 32
- Kennecott hopes project will change... 6
- State lawmaker calling for criminal... 5
- Cantwell targets small business loan... 4
- Applications for US unemployment aid... 4
- Feds eye stricter rules for railroad... 2
- 6 financial moves to prevent sleepless... 1
- No timeline announced yet for... 1