The good news just keeps on rolling in for the American auto industry with August sales figures jumping a full 12 points year-over-year, according to J.D. Power & Associates.
Close to 1.5 million new light trucks and cars were sold in the month bringing the annualized rate to a silky-smooth 16 million. This adjusted annualized rate is the highest it has been in nearly six years and the number of sales made in the month is the strongest sales month since May 2007.
Talking about the health of the auto industry, John Humphrey of the automotive practice at J.D. Power, said, “This strong selling environment is occurring when consumers are spending more on new vehicles than any month on record, which is a further indication of the underlying strength of the sector.”
Agreeing with Humphrey, Jeff Schuster, senior vice president of forecasting at LMC Automotive, said, “The U.S. auto recovery seems to be operating on auto pilot, a welcome stage of stability at a higher pace.”