Surging GM, Toyota push industry sales up 27%
U.S. light vehicle sales — aided by new models, fatter discounts, easing credit and demand for fuel-efficient cars and light trucks – jumped 27 percent in February, spurring the rebound even as rising gasoline prices threaten to slow the industry’s momentum.
General Motors Co., up 46 percent, and Toyota Motor Corp., up 42 percent, led the increase. February’s annualized sales rate -– 13.4 million -– shattered analysts’ estimates and marked the fifth consecutive month the SAAR has topped 12 million.
The increases were fueled in large part by retail demand, more available credit, and aggressive automotive marketing, automakers said.
Article courtesy of David Phillips & Automotive News