US Car Sale Boost During February
US car sales reached double digit growth in February, despite oil price fears caused in large part by the uprisings in major oil-producing countries. Most US auto manufacturers reached double figure sales growth, averaging out at 27%, but GM made the best increase with a whopping 46% sales increase.
Some industry leaders are putting it down to renewed confidence from consumers, who are at least seeing a levelling off of the economy, if not a little growth. It certainly is a much better landscape out there for buying than over the past two years.
Car sales haven’t seen this kind of monthly surge since the “cash for clunkers” campaign was launched back in August 2008. That government initiative was designed to inject a boost into the flagging economy at the time by offering incentive payments for getting rid of out-of-date vehicles. It was also partly driven by environmental concerns and the need to get more fuel efficient and less polluting cars on the roads.
GM, in particular, had a boom time during the month of February, with truck sales climbing an incredible 65% and crossover vehicle sales up 57%.
It is thought that many people have been keeping their cash in their pockets during the tough times but are now taking advantage of a slightly improved economy, which has, in turn, been made to look even more favorable by incentives from the auto dealers.
It seems that the build up and holding back of potential buyers was suddenly unleashed into a frenzy during February, but there are fears that such growth may be a temporary boon, with oil prices spiking recently and uncertainty with the economy still at the forefront of buyer’s minds.
