Pickup segment impressive
Industry sales have been gaining momentum in the U.S. owing to rising consumer confidence and easier credit. The sales of cars and trucks, especially in the pickup segment, increased at a faster pace in June than last year.
For both Ford Motor Company (NYSE:F) and Chrysler sales were up in the pickup segment. Ford’s F-Series pickups rose 24 percent while Chrysler’s Ram truck brand increased 23 percent.
Ford sales break up
Ford Motor Company (NYSE:F) also revealed that sales of its small cars including the Focus, Fiesta and C-Max, were up 39 percent. However, for the struggling Lincoln brand, sales were down 0.1 percent while for the new midsize sedan, MKZ sales rose 1.4 percent.
Chrysler maintaining the trend
Chrysler reported its 39th consecutive month of increase in sales, but some of the brands reported unimpressive performances. For Dodge brand, sales jumped 12 percent while for Chrysler sales gained 1 percent and 1 percent Fiat. Jeep’s sales were almost same.
“The fundamentals for continued industry gains in new vehicle sales remain intact,” Reid Bigland, Chrysler’s head of U.S. sales said in a statement.
The sales figure from Auburn Hills automaker was marginally above expectations, and the company looks well on track to sell more than 15 million cars and trucks for the first time since 2007.
Auto industry growing
According to industry experts, more than 1.37 million new cars and trucks were sold in U.S. in June, which is 6.9 percent more than last year. The figure is also highest for June since 2007.
According to J.D. Power and Associates and LMC Automotive, in a good sign for industry sales are increasing along with an increase in transaction prices. The average transaction price for new vehicles sold through mid-June was $28,900, which is the highest ever for the month of June.
New vehicle sales reached the highest levels in six years, despite the uneven performance of financial markets in June. This reflects “the recent surge in consumer demand is real and not going anywhere,” says Jesse Toprak, senior analyst for TrueCar.com.
All other automakers are also expected to come out with their monthly report card later today.